Pandora reported record revenue in the first quarter of the digital music service's fiscal 2014 calendar year. Total revenue was up by 55 percent to $125.5 million, while advertising revenue grew by 49 percent to $105.1 million. Non-GAAP subscription and other revenue grew by 114 percent to $23.4 million. However, Pandora's loss in the quarter jumped from a $20.2 million loss a year ago to $28.6 million in Q1 '14.
Pandora's total listening hours grew by 35 percent to 4.18 billion in Q1 of fiscal 2014, compared to 3.08 billion a year ago.
Chairman/CEO Joe Kennedy (who announced in March he will be stepping down later this year) stated, "Pandora continues to expand its mobile leadership. Mobile listening hours and mobile ad revenue reached record highs, with growth in mobile ad revenue exceeding growth in mobile listening hours. During the quarter, we successfully implemented a mobile listening limit, enabling us to manage our content acquisition costs with minimal impact on listenership or revenue growth. Pandora's subscriber base surpassed 2.5 million, adding more net new subscribers in the quarter than in all of fiscal 2013, giving Pandora the largest U.S. streaming subscriber base of any music service."