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Pandora Posts Strong Q2 Results on Ad Sales, Increased Subscribers

Pandora Posts Strong Q2 Results on Ad Sales, Increased Subscribers

Online music streaming company Pandora Media Inc raised its full year forecast and reported better-than-expected second quarter revenue as it signed up more subscribers and increased its advertising revenue.

Shares of the company, which uses streaming software that can predict a listener's preferences, rose 3.7 percent to $14.40 (roughly Rs. 920) in extended trading.

Pandora said active users rose about 4 percent to 79.4 million in the second quarter, from a year earlier. Total listener hours rose to 5.30 billion from 5.04 billion.

Listening hours have risen steadily since Pandora launched a smartphone and tablet app. In June it made it added its automated advertising service to its smartphone service.

Ad revenue rose 30.2 percent to $230.9 million (roughly Rs. 1,477 crores), in the second quarter ended June 30, while subscription and other revenue rose to $54.6 million (roughly Rs. 349 crores) from $41.6 million (roughly Rs. 266 crores).

Pandora gets about 81 percent of total revenue from advertising.

The company said it expects 2015 revenue of $1.175 billion - $1.185 billion (roughly Rs. 7,518 crores - 7,583 crores), compared with its previous forecast of $1.16 billion - $1.18 billion (roughly Rs. 7,423 crores - Rs. 7,551 crores)

Pandora faces stiff competition from Spotify, Apple Inc's Beats online streaming service, Google Inc, and Amazon.com Inc in the fast-growing music streaming business.

The company forecast third quarter revenue of $310 million-$315 million (roughly Rs. 1,983 crores - Rs. 2,015 crores), above average analysts' estimate of $309.1 million (roughly Rs. 1,978 crores).

The company's net loss widened to $16.1 million (roughly Rs. 103 crores), or 8 cents per share, in the second quarter ended June 30, from $11.7 million (roughly Rs. 75 crores), or 6 cents per share, a year earlier.

Excluding items, Pandora earned 5 cents per share.

Revenue rose to $285.6 million (roughly Rs. 1,827 crores) from $218.9 million (roughly Rs. 1,400crores).

Analysts on average had expected earnings of 2 cents per share on revenue of $283.1 million (roughly Rs. 1,811 crores), according to Thomson Reuters I/B/E/S.

© Thomson Reuters 2015

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