Pandora Revenue Rises 18.8%

Reuters

Online music streaming company Pandora Media Inc (NYSE:P) reported an 18.8 percent increase in quarterly revenue as more subscribers signed up and advertising sales rose.

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Advertising revenue, which accounts for nearly three-quarters of the total revenue, rose about 27 percent in the first quarter ended March 31.

Pandora's net loss, however, widened to $48.3 million, or 23 cents per share, in the first quarter ended March 31 from $28.9 million, or 14 cents per share, a year earlier.

Revenue rose to $230.8 million from $194.3 million.

(Reporting by Kshitiz Goliya in Bengaluru; Editing by Saumyadeb Chakrabarty)