Music Industry News Network [04-26-2014]
Pandora Reports Q1 2014 Financial Results
* Q1 2014 GAAP total revenue of $194.3 million and non-GAAP total revenue of $180.1 million, growing 69% and 54% year-over-year
* Q1 2014 GAAP total mobile revenue of $147.0 million and non-GAAP total mobile revenue of $134.1 million, growing 92% and 71% year-over-year
* GAAP total mobile revenue now 76% of GAAP total revenue; non-GAAP total mobile revenue now 74% of non-GAAP total revenue
* Q1 2014 non-GAAP diluted EPS of ($0.13); GAAP EPS was ($0.14)
* User engagement reaches record highs
* Share of total U.S. radio listening for Pandora in March 2014 was 9.1%, an increase from 8.1% at the same time last year
Pandora, the leading Internet radio service, today announced financial results for the first quarter ended March 31, 2014.
"Pandora started 2014 with robust momentum and continued solid growth," stated Brian McAndrews CEO, President & Chairman of Pandora. "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."
Listener Hours: Total listener hours grew 12% to 4.80 billion for the first quarter of 2014, compared to 4.26 billion for the same period last year.
March 2014 Active Listeners: Active listeners were 75.3 million at the end of March 2014, an increase of 8% from 69.5 million from the same period last year.
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