Pandora Reports Smaller-Than-Expected Loss

• Q1 Revenue was $319.2 million, growing 12% year-over-year excluding ANZ & Ticketfly
• Q1 Subscription revenue was $104.7 million, growing 63% year-over-year excluding ANZ & Ticketfly
• Ad RPM hit an all-time Q1 high of $55.52, growing 9% year-over-year
• Total subscribers were 5.63 million, growing 19% year-over-year
• Q1 Revenue and Adjusted EBITDA significantly exceeded forecast
• Announced acquisition of AdsWizz, creating the largest digital audio advertising ecosystem

Pandora Thursday announced financial results for the first quarter ended March 31, 2018.

“Music streaming and digital audio continue to see massive growth, and this quarter we took key steps to position Pandora to capture this significant opportunity,” said Roger Lynch, CEO of Pandora. “We improved audience metrics—in part by increasing usage of Premium Access, which gives ad-supported listeners the ability to enjoy Pandora Premium after viewing a 15-second ad. We also accelerated our ad-tech roadmap with the acquisition of AdsWizz, and launched exciting new product features like personalized playlists. Looking ahead, Pandora is exactly where we want to be: at the center of a growing market with huge potential.”