Popular streaming music service Pandora reported its financial results for the second quarter of its fiscal 2013 year, with revenue up 51 percent, though the company's losses also increased. Pandora's Q2 revenue rose to $101.3 million, surpassing Wall Street analysts' predictions. Ad revenue was up 53 percent to $89.4 million in Pandora's fiscal Q2, while mobile revenue grew by 86 percent to $59.2 million.
Pandora increased its full-year revenue forecast from $420-427 million to $425-432 million. For the quarter, on a GAAP basis, net loss per share was ($0.03). Non-GAAP earnings per share were breakeven excluding approximately $6 million in stock-based compensation.
The company also reported that total listener hours grew 80 percent to 3.3 billion for its fiscal Q2 of 2013, compared to 1.83 billion for the second quarter of fiscal 2012.
"This quarter exceeded our expectations as our strong momentum continues with both listeners and advertisers," stated Joe Kennedy, Chairman/CEO of Pandora. "In particular, this quarter demonstrated that our mobile monetization strategies are working."
During Pandora's earnings conference call, CFO Steve Cakebread announced he would be stepping down and leaving the company later this year.