California-based music streaming company Pandora Media (NYSE:P) reported positive results for its first quarter of 2018.
The report, which was released on Thursday, showed growth in several areas within the company.
Quarterly revenue went up 12% year-over-year and reached $319.2 million USD, while subscription revenue got up to $104.7 million, a 63% year-over-year increase.
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Subscriber count reached a total of 5.63 million, including Pandora Plus and Pandora Premium, compared to 5.48 million for the previous quarter.
The total number of active listeners reached 72.3 million at the end of the quarter, which is a slight drop of 2.4 million compared to the fourth quarter of 2017.
Pandora Media also ended this quarter with $544.4 million in cash and investments, $43.6 million more than the amount reported during its most recent fourth-quarter.
The company predicts that total revenue for the second quarter should reach somewhere between $360 million to $375 million.
According to Naveen Chopra, Pandora’s Chief Financial Officer, the company has shown promising results in the first quarter, and although there is “still a lot of work to do…[he] [sees] progress in [the company’s] efforts to stabilize and grow [its] audience and improve monetization.”
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Pandora recently purchased the digital audio technology firm AdsWizz, which will become a subsidiary of the company, for $145 million in a combination of cash and stock.
Pandora Media hopes that AdsWizz will make “it easier for publishers to monetize their inventory, and for advertisers to buy and measure their campaigns.”
Compared to its other music-streaming competitors like Apple (NASDAQ:AAPL) and Spotify (NYSE:SPOT), Pandora is still a relatively small company.
The company’s share value went up by 2% on Thursday and closed at $5.75, after opening at $5.59.
Comparatively, Pandora closed at a share value of $5.63 on Wednesday.
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