Pandora has this week announced its financial results for the first quarter of its 2013 fiscal year, and things are looking good for the popular music streaming service, with a total revenue of $80.8 million.
That represents a 58% increase year-over-year, which is hardly surprising with a 53% year-over-year increase in the total number of active users. $70.6 million of its revenue came from advertising — a 62% increase year-over-year — while the additional $10.2 million came from customer subscriptions, which increased by 38%.
Pandora saw a record-breaking 51.9 million active users during this quarter, which gives the service a 71.7% share of the top U.S. Internet radio services. Of course, more users means more advertisers, according to Pandora:
“They are moving quickly to speak with their target customers across the Pandora platform, with the majority of the top 50 digital advertisers in the U.S. already having bought multiplatform advertising on Pandora.”
Pandora currently has $80.6 million in cash, cash equivalents, and short-term investments, which is $10 million less that it had last quarter. However, cash spent on operating activities increased significantly when compared to the year-ago quarter, up from $2.8 million to $10.6 million.
During the full fiscal year, Pandora is forecasting $420-$427 million in revenue with a net loss per-share of between $0.07 and $0.11.
Are you a Pandora user?