Pandora stock was down as much as 26% on Friday morning, after its new CEO reported weaker than expected earnings growth alongside total a 7% decline in total listeners hours in the same period last year and a somewhat smaller $5.3 million third quarter loss.
Paid subscriptions did grow 29% year-over-year to 5.19 million, including 1 million subscribers to Pandora's Premium on-demand streaming service, which launched in May of this year.
Some highlights from yesterday earning call:
- Total monthly active users = 73.7M
- Pandora Premium paid subscribers cross the 1 million milestone in October 2017
- Total paid subscribers (across Pandora Plus & Premium) = 5.19 million / 29% YoY increase
- Listeners tuning in an average of 23 hours per month
- Daily active users on Consumer Electronic (CE) and Automotive Platforms were up 36% year-over-year
- Revenue excluding ticketing was $360.2 million, growing 9% year-over-year
- Adjusted EBITDA loss was $5.3 million – compared to a loss of $6.6 million in the same quarter last year
- Q2 subscription revenue was $84.4 million / 50% YoY increase
Read the full report here.