Pandora surprises Wall Street with solid earnings

Internet radio service Pandora has surprised Wall Street with solid earnings, in its first announcement since going public earlier this year. The company announced it lost $1.8 million in the second quarter, with revenue up 117% to $67 million. “Advertisers continue their adoption of Pandora’s multi-platform ad solutions, resulting in our sixth consecutive quarter of […]

Patrick Stafford 28 August, 2011

Internet radio service Pandora has surprised Wall Street with solid earnings, in its first announcement since going public earlier this year.

The company announced it lost $1.8 million in the second quarter, with revenue up 117% to $67 million.

“Advertisers continue their adoption of Pandora’s multi-platform ad solutions, resulting in our sixth consecutive quarter of year-over-year triple digit revenue growth,” said chief executive Joe Kennedy in a statement.

“In addition to continued high growth in web revenue, Pandora’s mobile advertising revenue for the first time comprised approximately half of total advertising revenue as we lead the way in the nascent but fast growing mobile advertising market.”

Listening hours rose 125% to 1.8 billion.