Pandora reported a 12% year over year revenue increase in Q2 2018, after the markets closed on Tuesday. But both monthly listener hours and active users continued a slow but significant downward spiral.
“We made continued progress against our strategy with total revenue growing 12%, subscription revenue up 67% and ad hour trends improving for the third straight quarter,” said Pandora CEO Roger Lynch. “New partnerships with top brands like Snap and AT&T, as well as enhancements to our ad tech and programmatic offerings, position us to further accelerate growth and ownership of the expanding digital audio marketplace.”
- Total Q2 Revenue was $384.8 million, growing 12% year-over-year excluding Australia, New Zealand & Ticketfly, exceeding top-end of guidance
- Q2 Subscription revenue was $113.7 million, growing 67% year-over-year excluding Australia, New Zealand & Ticketfly
- Ad hour trends improved for the third straight quarter
- Ad RPM hit an all-time Q2 high of $68.75, growing 4% year-over-year
- Added 351 thousand to approximately 6 million subscribers; which grew 23% year-over-year
- Announced partnerships with AT&T, Snap and Cheddar
- Completed the acquisition of AdsWizz and launched Audio Programmatic
Non-GAAP net loss was $38.9 million, or $0.15 per share. This compared to $50.1 million net loss or $0.21 in the year ago quarter. Adjusted EBITDA was a loss of $34.6 million, compared to a loss of $54.3 million in the same quarter last year.