Here's some music for your ears: Pandora's fiscal Q1 earnings report showed huge increases in revenue, user activity and many other successful details.
Although the company reported $80.8 million in revenue (£51.6 million) for the quarter, this in fact was a net loss of 9 cents per share - however, this was up 58 per cent from the same time as last year. Nicely beating the Wall Street estimates of $74.3 million (£47.4 million), an 18 per cent share net loss, Pandora's ad revenue was up 62 per cent year-over-year at $70.6 million (£45.1 million).
"Pandora is off to an excellent start, exceeding our first quarter outlook and raising our expectations for the full fiscal year," said Pandora CEO Joe Kennedy in the report. "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."
The internet radio service also informed investors on its total figure of active users, which increased 53 per cent to an impressive 51.9 million. Total hours listened to for the quarter reached 3.09 billion, plus Pandora's market share grew substantially amongst US radio stations - meaning dollar signs thanks to local advertising.
Yet with Spotify's increased global presence, it remains to be seen what's next out of Pandora's box.