Pandora records 55% increase in revenue, but still no profit
The internet music streaming company Pandora released its Q2 earnings this afternoon and the revenue picture was very positive. But the stock is getting hit pretty hard in after hours trading as the company failed to record a profit.
But the company still recording losses, $7.8 million for the quarter, a slight increase from the $5,4 million it lost a year ago in the same quarter.
“Our second fiscal quarter was an important inflection point in Pandora’s history. Strong momentum in our mobile business, with non-GAAP total mobile revenue growing 92% year-over-year to $116 million, clearly demonstrates the leverage in Pandora’s business model,” Joe Kennedy, Chairman and CEO of Pandora, said in the earnings statement. “To drive future growth, we are accelerating investment in new technologies, channels and capabilities that maximize the value Pandora delivers.”