OAKLAND, Calif. (CelebrityAccess) — Internet music streaming service Pandora posted a dismal first quarter, with losses almost doubling over the same period in the previous year, but still managed to show signs of growth.
The company's financial statements revealed that the company's net loss for the first quarter of was $48.3 million compared to a net loss of $28.9 million for the same quarter last year.
However, the company reported that revenue was up for the first quarter to $230.8 million, a 19% year-over-year increase. Advertising revenue was $178.7 million, a 27% improvement over the same period in 2014.
Other bright spots for Pandora were user engagement, which reached an all–time high of 22.3 hours per active user per month, with total listener hours up to 5.30 billion for the quarter, growing 11% year-over-year.
Mobile as well showed marked improvement, generating $181.1 million for the quarter, an improvement of 23% year-over-year.
“We’ve been actively investing in every part of our business – from the music we play, to the ad technology and music maker products we offer. This quarter’s results are a reflection of those investments paying off,” stated Brian McAndrews chairman, president and CEO of Pandora. "In a time when listeners and brand partners have more choices than ever, listener hours grew, local advertisers increased their spending with us and we continued to advance our lead in digital audio by generating more demand and strong sell through.” – Staff Writers