When Pandora Media Inc. (NYSE: P) reported its most recent financial results after markets closed on Tuesday, the music streaming company said that it had a net loss of $0.15 per share on $384.8 million in revenue. The consensus estimates from Thomson Reuters had called for a net loss of $0.16 per share on revenue of $372.78 million. The second quarter from last year reportedly had a net loss of $0.21 per share on $376.83 million in revenue.
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.
At the same time, Pandora noted that total listener hours were 5.09 billion, 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.
Pandora CEO Roger Lynch 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 were last seen trading up 18% to $7.97 on Wednesday, with a consensus analyst price target of $7.90 and a 52-week trading range of $4.09 to $8.78.