Pandora Media (NYSE:P) announced on Wednesday that it lost $5.4 million during its fiscal second quarter, triple the $1.8 million it lost in the same time last year.
The Internet radio service provider saw its revenue climb to $101.3 million, up 51% from 2011. That topped analysts who had expected revenue of $100.94 million, Reuters noted.
For the quarter, Pandora broke even on non-GAAP EPS, which also beat Wall Street, which had expected a loss of 3 cents.
The company projected full year revenue of between $425 million and $432 million. It had previously forecast revenue for the year of between $420 million and $427 million.
Investors tuned in to the revenue outlook and ignored the widening loss, which was driven by increasing music licensing fees. Pandora’s shares surged more than 19% in Thursday morning trading.
Company officials noted that listener hours rose 80% over last year, while the company’s share of the radio market almost doubled to 6%.
The company also reported that overall ad revenue jumped to $89.4 million, up 53% compared to last year, with mobile advertising revenue hitting $59.2 million, an 86% gain over 2011.
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