Pandora hit its earnings target Thursday and delivered better-than-expected revenue boosted by new subscribers and growth in the mobile advertising.
"Mobile listening hours and mobile ad revenue reached record highs," said Pandora CEO Joe Kennedy.
The company's shares jumped after the announcement. (Click here to get the latest after-hours quote.)
The Internet-radio service reported a first-quarter net loss of $28.6 million, or 16 cents a share, compared with a loss of $20.2 million, or 12 cents a share, in the year-earlier period.
Excluding items, Pandora posted a loss of 10 cents a share compared with a loss of 8 cents a share last year.
Pandora's subscriber bases surpassed 2.5 million with the addition of over 700,000 net new subscribers in the first quarter. The number of active users reached 70.1 million—a 31-percent increase from a year ago.