Pandora Media Inc. shares rose in after-hours trading Thursday after the music service provider reported second-quarter results and a full-year outlook that beat Wall Street's expectations.
Pandora, which is based in Oakland, Calif., posted a loss of $3.2 million, or 4 cents per share for the fiscal quarter versus a loss of $389,000, or 4 cents per share, in the same quarter last year. After adjusting for several special items, Pandora's net income was flat at 2 cents per share.
Revenue more than doubled to $67 million as subscriptions and advertising increased.
The results beat analysts' expectations of a breakeven quarter on revenue of $61.1 million, according to FactSet.
Pandora, which is facing increasing competition from streaming service Spotify, said its total listener hours increased 125 percent to 1.8 billion in the quarter. The company estimates its share of total U.S. radio listening at the end of the second fiscal quarter was 3.6 percent, up from 1.8 percent a year prior.
"Pandora is personalizing radio _ and consumers are enthusiastically embracing the dramatically better experience," Joe Kennedy, President and CEO of Pandora said in a statement.
The company reported advertising revenue of $58.3 million and subscription and other revenue of $8.7 million, both of which more than doubled from the prior year.
Pandora said it expects a loss of 5 to 7 cents per share for the year. Wall Street estimates a loss of 10 cents per share.
Shares of the company rose 23 cents to $12.70 in after-hours trading.