Pandora's Q2 Numbers Impress
There were three big increases for Pandora in Q2. Revenue was up 51 percent year-over-year ($101.3 million). Mobile revenue was up 86 percent ($59.2 million). Listening hours were up 80 percent year-over-year (3.3 billion). And, the cost Pandora pays for its content was up. Way up.
Pandora paid $60.5 million to acquire its content, up from $33.7 million a year ago. Pandora paid out 60 percent of its Q2 revenue toward acquiring content. So what do all these numbers mean? Pandora lost $5.4 million in the quarter. The company ended the quarter with $82.3 million in cash.
CEO Joe Kennedy also says the company now has 55 million users, an increase of 48 percent from the same quarter a year ago. Kennedy also announced CFO Steven Cakebread is leaving the company sometime this year.