×

Pandora Media posts near 10 pct rise in quarterly revenue

July 31 (Reuters) - Pandora Media Inc on Monday reported a near 10 percent rise in quarterly revenue as advertisers spent more on the online music streaming service.

The company, which faces stiff competition from Spotify and Apple Inc's Apple Music, said its net loss widened to $275.1 million, or $1.20 per share, in the second quarter ended June 30, from $76.3 million, or 33 cents per share, a year earlier.

The latest quarter's loss included a goodwill impairment charge of $132 million.

The company's total revenue rose to $376.8 million from $343 million.

Last month, Pandora Chief Executive Tim Westergren stepped down, signaling a shake up at the company where satellite radio company Sirius XM Holdings Inc invested $480 million in early June. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Maju Samuel)