Pandora Books Record Listener Hours Despite Apple Music Launch

Shares of Pandora Media Inc. climbed more than 5% in after-hours trade Thursday after Pandora reported record revenue per listener hours despite competition during the quarter from the Apple Music's free trial. The Internet radio company reported a 24% year-over-year increase in revenue per 1,000 listener hours of $53.91, a record for the company, on the back of a 5% increase to 5.3 billion in total listener hours. Overall revenue was up 30% year-over-year to $285.6 million, while local advertising increased 67% to an all-time high. The company widened its loss to $16 million, or eight cents a share, compared with a year-earlier loss of $11.7 million, or six cents. But, adjusted to exclude one-time items, reported earnings per share of five cents, topping Wall Street's consensus estimate of 2 cents. For the third quarter, Pandora anticipates revenue between $310 million and $315 million, above current expectations of $309 million. It's calling for full-year revenue between $1.175 billion and $1.185 billion, versus the FactSet consensus estimate of $1.17 billion.