Pandora, the Internet radio service, has announced financial results for the first quarter of fiscal 2013. The 1Q13 revenue was $80.8 million grew 58% year-over-year, active users reach record 51.9 million growing 53% year-over-year, 1Q13 total listener hours of 3.09 billion grew 92% year-over-year, record 71.7% share of top 20 U.S. Internet radio services at the end of 1Q13 and record 5.95% share of total U.S. radio listening at the end of 1Q13 grew from 3.11% 1Q12.
Fiscal 1Q13 Financial Results:
- Total Revenue: For the first quarter of fiscal 2013, total revenue was $80.8 million, a 58% year-over-year increase. Advertising revenue was $70.6 million, a 62% year-over-year increase. Subscription and other revenue was $10.2 million, a 38% year-over-year increase.
- Net Loss per Share: For the first quarter of fiscal 2013, on a GAAP basis, net loss per share was ($0.12). Non-GAAP net loss per share was ($0.09), excluding approximately $5.5 million in stock-based compensation. Both GAAP and non-GAAP calculations are based on 165.4 million weighted average basic shares outstanding and assume minimal tax expense due to our net operating loss position.
- Cash: The Company ended the first quarter of fiscal 2013 with $80.6 million in cash, cash equivalents and short-term investments, compared with $90.6 million at the end of the prior quarter. Cash used in operating activities was approximately $10.6 million for the first quarter of fiscal 2013, compared to $2.8 million generated in the year-ago quarter.