Pandora Media, Inc. (NYSE: P) released first quarter financial results after markets closed Thursday. The company reported a net loss of $0.27 per share on $319.2 million in revenue compared with consensus estimates from Thomson Reuters that called for a net loss of $0.38 per share on $304.3 million in revenue. The same period from last year had a net loss of $0.24 per share on $316 million in revenue.
The 12% revenue increase that was seen this quarter included $214.6 million in advertising revenue and $104.7 million in subscription revenue, versus last year’s numbers of $223.3 million in advertising and $64.9 million in subscription.
Total listener hours were 4.96 billion for the first quarter of 2018, compared to 5.21 billion for the same period of the prior year.
Active listeners were 72.3 million at the end of the quarter. Pandora Plus and Pandora Premium subscribers totaled 5.63 million in this period as well.
The company noted that guidance would be announced on the conference call. But in the meantime there are consensus estimates calling for a net loss of $0.15 per share on $373.8 million in revenue for the second quarter.
Roger Lynch, CEO of Pandora, commented:
Music streaming and digital audio continue to see massive growth, and this quarter we took key steps to position Pandora to capture this significant opportunity. We improved audience metrics—in part by increasing usage of Premium Access, which gives ad-supported listeners the ability to enjoy Pandora Premium after viewing a 15-second ad. We also accelerated our ad-tech roadmap with the acquisition of AdsWizz, and launched exciting new product features like personalized playlists. Looking ahead, Pandora is exactly where we want to be: at the center of a growing market with huge potential.
Shares of Pandora closed Thursday at $5.78, with a consensus analyst price target of $6.37 and a 52-week range of $4.09 to $10.90. Following the announcement, the stock was up about 7% at $6.18 in the after-hours session.