NEW YORK (Reuters) ? Online radio service Pandora Media reported that revenue rose 117 percent on strong advertising sales in its fiscal second quarter, beating estimates.
Shares of Pandora rose 5.9 percent to $13.20 in after-hours trade following the earnings report on Thursday.
The Internet company had a closely watched IPO in June that surged out of the gate in its early debut only to reverse course as doubts increased about whether it would ever turn a profit.
Pandora reported quarterly revenue of $67 million, beating the average analyst estimate of $61.1 million, according to Thomson Reuters I/B/E/S.
It reported a quarterly loss of 4 cents per share compared with a loss of 4 cents per share in the prior quarter.
Pandora, which has been around for a decade, runs a mostly free service that allows listeners to create music playlists. It has about 90 million registered users and is mainly supported by advertising revenue.
One major concern for the company is that the more users its attracts, the more it must pay record labels in licensing fees.
Total listener hours increased 125 percent in the quarter.
Pandora shares rose 3.3 pct to close at $12.47 during the regular session on the New York Stock Exchange.
(Reporting by Jennifer Saba; Editing by Gary Hill)
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