OAKLAND, Calif. (AP) _ Pandora Media Inc. on Thursday reported a wider loss of $48.3 million in its first quarter as it continued to invest in its ad technology and other features.
The Oakland, California-based music streaming company said it had a loss of 23 cents per share. Losses, adjusted for stock option expense and amortization costs, were 12 cents per share.
The results topped Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for a loss of 16 cents per share.
Pandora posted revenue of $230.8 million in the period, up 19 percent from $194.3 million a year earlier. Thirteen analysts surveyed by Zacks expected $225.4 million.
For the current quarter ending in June, Pandora said it expects revenue in the range of $280 million to $285 million. Analysts polled by FactSet were expecting $281.6 million. The company expects full-year revenue in the range of $1.16 billion to $1.18 billion. Analysts are forecasting $1.16 billion.
Pandora had 79.2 million active listeners at the end of the first quarter, up from 75.3 million a year earlier.
The company’s shares fell 76 cents, or 4.3 percent, to $16.95 in after-hours trading.
As of Thursday’s close of $17.71, Pandora shares have fallen less than 1 percent since the beginning of the year. The stock is down 37 percent in the last 12 months.