Mobile advertising was a highlight for Pandora as the Internet radio service released its latest financial figures.
“In addition to continued high growth in Web revenue, Pandora’s mobile advertising revenue for the first time comprised approximately half of total advertising revenue as we lead the way in the nascent but fast-growing mobile advertising market,” stated President/CEO Joe Kennedy.
“Pandora continues to grow our market share of U.S. radio as we fundamentally transform one of the last forms of traditional media.”
The company said it posted its sixth consecutive quarter of year-over-year triple-digit revenue growth.
Total revenue was $67 million in the three-month period, while ad revenue was $58.3 million, and subscription and other revenue was $8.7 million. Those each represent an increase of between 112% and 118%. But the company posted a loss in the quarter.
Pandora also reports on “total listener hours,” and it said that number was about 1.8 billion in the quarter, up 125% from a year earlier.
“Estimated share of total U.S. radio listening at the end of the second fiscal quarter was 3.6%, up from 1.8% a year prior.”
The company said it expects its revenue for the full year to be in the range of $270 million to $275 million, representing growth of around 100%.