Pandora reported $343 million in revenue and -$0.12 Non-GAAP EPS, compared to estimates of $351.6 million in revenue and -$0.16 EPS. Pandora lost $25.1 million, in the quarter.
The listener count dropped to 78.1 million, down from 79.4 million last quarter and the same number a year ago. At least listening hours inched up to 5.66 billion compared to 5.52 billion last quarter and 5.3 billion a year ago.
Pandora Founder/CEO Tim Westergren said on the earnings call the company continues to have productive negotiations with the three major music labels (this is in support of its pending on-demand service.)
He explained the dip in ads as the result of when the company can realize its inventory versus “when we can monetize” it. Now advertising represents 28% of the company’s revenue.
Of its recent partnership with Uber, Westergren said in three weeks 50,000 Uber drivers used Pandora and there’s been more than 2.5 hours of listening per Uber listener.