Pandora Reports: 70M Active Users, 2.5M Paid Subscribers, Revenue Up 55%

REDMOND, WA (Hypebot) –“Mobile listening hours and mobile ad revenue reached record highs, with growth in mobile ad revenue exceeding growth in mobile listening hour, said Joe Kennedy, Chairman & CEO of Pandora as the music streamer reported to Wall Street today. "Pandora’s subscriber base surpassed 2.5 million, adding more net new subscribers in the quarter than in all of fiscal 2013, giving Pandora the largest US streaming subscriber base of any music service.”

Highlights:

1Q14 GAAP total mobile revenue of $83.9 million, growing 97% year-over-year andnon-GAAP mobile revenue of $86.7 million, growing 101% year-over-year, outpacing mobile listener hour growth, which grew 47% year-over-year.

Pandora One subscribers surpassed 2.5 million, adding over 700 thousand net new subscribers in the first quarter and growing 114% year-over-year.

1Q14 GAAP total revenue of $125.5 million, growing 55% year-over-year and non-GAAP total revenue of $128.5 million, growing 58% year-over-year.

1Q14 total listener hours of 4.18 billion, growing 35% year-over-year.

Share of total U.S. radio listening for Pandora in April 2013 was 7.33%, an increase from 5.86% at the same time last year.

Active users reach 70.1 million, growing 35% year-over-year.