Dallas, Texas 04/25/2014 (FINANCIALSTRENDS) – Pandora Media Inc (NYSE:P) reported a net loss of $28.9 million, or $0.14 per share, for the first quarter of 2014. The adjusted net loss was pegged at $25.5 million, or $0.13 per share.
Comparing Quarters for Pandora Media
The loss may seem to be a downer, but it’s actually a kind of good news for Pandora Media because the loss has narrowed drastically. The $28.9 million, or $0.14 per share, loss for this quarter is far lower than the loss in the same quarter last year, when Pandora reported $38.7 million, or $0.22 per share, in losses.
The adjusted net loss of the first quarter in 2014 was likewise smaller at $25.5 million or $0.13 per share, down from 30.2 million, or $0.18 per share, for the same quarter last year.
Furthermore, GAAP total revenue was $194.3 million, which represents a 69% year-over-year increase. Similarly, non-GAAP total revenue was $180.1 million, representing a 54% year-over-year increase. Ad revenue was up 45% to $140.6 million.
Most important of all, Pandora Media is doing better in non-financial aspects. The total listener hours logged for the first quarter in 2014 grew to 4.80 billion, a 12% increase as compared to the 4.26 billion hours for the same quarter last year.
Second-Quarter and Full Year Guidance from Pandora Media
The company expects second quarter revenue is expected to be in between $213 to $218 million. Earnings loss for the second quarter is expected to fall down to around $0.00 to $0.03. For the full year, Pandora Media expects revenue to be in the range of $880 to $900 million, with the earnings loss per share expected to be between $0.14 and $0.18.
Statement From Pandora Media CEO
Pandora CEO, President and Chairman Brian McAndrews said that, “Our strong first quarter results demonstrate Pandora’s deep listener engagement, accelerating monetization, and increasing leverage in our business model. Looking ahead, we will continue to invest aggressively to extend our leadership position and drive forward the future of radio.”