(UPDATED) Despite a spike in revenue, higher costs drove much wider losses as Pandora reported to it's Q1 2013 to Wall Street. The company reported a loss of $20.2 million on revenue of $80 million, compared with $6.8 million for the same quarter last year. But the loss was smaller than analysts had expected and Pandora stock jumped 16% after adding about 3.5% in the regular session.
This quarter Pandora averaged 50 million active users a month who generated more than 3.09 billion listening hours across. Pandora now captures a record share of 5.95% of total U.S. radio listening.
Pandora projected a per-share adjusted loss of 3 cents to 5 cents on revenue of $99 million to $101 million. Analysts polled by Thomson Reuters recently expected a loss of 3 cents and revenue of $100 million, according to the Wall Street Journal.
