Pandora Q2: Revenue Up, Listener Hours, Active Users Down | hypebot

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.

Total listener hours on Pandora were 5.09 billion for the second quarter of 2018, down from 5.22 billion at the end of Q1 2018. Active users were 71.4 million at the end of the second quarter, compared to 72.3 million just three months ago.

 

Pandora Plus and Pandora Premium subscribers were approximately 6 million at the end of the second quarter of 2018, up from 5.63 million at the end of Q1.   

“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.”

KEY PANDORA Q2 2018 FINANCIALS

• 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.

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