Pandora reported first quarter earnings after the markets closed yesterday. The company reported narrowing losses. But Wall Street was unimpressed and pushed the stock down 5.1% in after hours trading. Pandora now controls 9.1% of total U.S. radio listening.
Pandora Q1 revenues rose 69% percent to $194.3 million. Ad sales were up 45% to $140.6 million. Listener hours rose 12% to 4.80 billion.
Pandora's Q1 loss narrowed to $28.9 million or $.14 per share from $38.7 million or $.22 per share for the same quarter last year. Adjusted loss for the quarter fell to $25.5 million or $.13 per share from $30.2 million in the prior year quarter. Analysts polled by Thomson Reuters expected a loss of $.14 per share.
Breakeven Next Quarter?
Looking forward to the next quarter, Pandora expects breakeven earnings of $.03 per share and revenues of $213 million to $218 million. Analysts had expected $.05 per share on revenue of $219.33 million.