Pandora Media, Inc. (NYSE: P) released second quarter financial results after markets closed Tuesday. The company reported a net loss of $0.15 per share on $384.8 million in revenue compared with consensus estimates from Thomson Reuters that called for a net loss of $0.16 per share on $372.78 million in revenue. The same period from last year had a net loss of $0.21 per share on $376.83 million in revenue.
During this quarter, Pandora closed its acquisition of Adswizz in late May. Final consideration was $146.6 million, comprised of $73.7 million in cash and 9.6 million shares.
Total listener hours were 5.09 billion for the second quarter of 2018, compared to 5.22 billion for the same period of the prior year.
Active users were 71.4 million for the quarter, while Pandora Plus and Pandora Premium subscribers totaled approximately 6 million.
The company said that guidance would be announced on its conference call. However, there are consensus estimates calling for a net loss of $0.06 per share and $394.57 million in revenue for the third quarter.
Roger Lynch, Pandora CEO, commented:
We made continued progress against our strategy with total revenue growing 12%, subscription revenue up 67% and ad hour trends improving for the third straight quarter. New partnerships with top brands like Snap and AT&T, as well as enhancements to our ad tech and programmatic offerings, position us to further accelerate growth and ownership of the expanding digital audio marketplace.
Shares of Pandora closed Tuesday at $6.75, with a consensus analyst price target of $7.86 and a 52-week range of $4.09 to $9.26. Following the announcement, the stock was up about 8% at $7.30 in the after-hours session.