Pandora’s first quarter fiscal report for 2013 is in and they have surpassed their expectations regarding revenue and listening hours. In fact, total revenue grew almost 60% and reached almost $81 million. Total listening hours grew 92% and reached over 30 billion hours, and compared with only 1.6 billion at the same time last year, that’s a huge jump.
Non-GAAP per share net losses came in at $0.09, with GAAP losses at $0.12, but those numbers exclude a $5.5 million stock-based compensation. They ended the quarter with less cash on hand than last quarter; $80.6 million versus $90.6 million. They used about $10.6 million for operating expenses compared to $2.8 million at the same time the year before.
Joe Kennedy, Chairman & CEO of Pandora comments on the results of the first quarter in 2012:
“Pandora is off to an excellent start, exceeding our first quarter outlook and raising our expectations for the full fiscal year,”
“This quarter Pandora averaged more than 50 million active users a month who generated more than 3.09 billion listening hours across Pandora’s multiple platforms – desktop, auto, consumer electronics, and mobile devices. Consumers continue to embrace Pandora’s unparalleled personalized radio experience at an extraordinary rate, propelling Pandora’s market leadership to an all-time record share of 5.95% of total U.S. radio listening.”
“Advertisers want to be everywhere their consumers are. They are moving quickly to speak with their target customers across the Pandora platform, with the majority of the top 50 digital advertisers in the U.S. already having bought multiplatform advertising on Pandora. Pandora is the future of radio.”
Total revenues from the quarter were based on $70.6 million brought in from advertising and just over $10 million form subscriptions and other fees. A majority of costs came from content acquisition and sales and marketing efforts; $29.1 million and $12.9 million, respectively.
Here are some highlights from the report:
* 1Q13 revenue of $80.8 million grew 58% year-over-year
* Active users reach record 51.9 million growing 53% year-over-year
* 1Q13 total listener hours of 3.09 billion grew 92% year-over-year
* Record 71.7% share of top 20 U.S. Internet radio services at the end of 1Q13
* Record 5.95% share of total U.S. radio listening at the end of 1Q13 grew from 3.11% 1Q12