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Pandora revenue jumps but shares drop on losses

Pandora banner on the New York Stock Exchange
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Pandora banner on the New York Stock Exchange

Pandora Media reported a 38 percent rise in quarterly revenue, as advertisers spent more on the online streaming music service, and reported strong subscription revenue growth.

Net loss widened to almost $12 million, or 6 cents per share, in the quarter ended June 30 from just under $7 million, or 4 cents per share, a year earlier. Shares fell nearly 13 percent in after-hours trading.

Revenue increased to close to $219 million from $153 million. Advertising revenue jumped 39 percent, while subscription revenue rose 35 percent.

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By Reuters