Pandora Shares Soar 20% After Getting More Paid Subscribers in Q2

Streaming music company Pandora Media saw its shares soar over 20% on Wednesday after Wall Street learned that the company had gained thousands of more paid subscribers in its second quarter.

For the second quarter, Pandora saw subscription and other revenue see a 65% increase, beating what Wall Street had expected. Revenue at $384.8 million beat estimates of $372.8 million.

The company’s net loss available to common stockholders was $99.5 million in the three months ended June 30. This is compared to $289.7 million a year earlier. Excluding one-time items, Pandora lost 15 cents per share.

The company saw about 6 million paid subscribers as of June 30. This is roughly 351,000 more than it did three months earlier.

“We are on track to get back on growth in ad revenue,” Pandora Chief Executive Officer Roger Lynch stated.

For the third-quarter, Pandora has projected revenue of between $390 million and $405 million. Analysts on average are expecting $394.6 million.

So far this year shares have seen 40% in gains.

Disclaimer: We have no position in Pandora Media Inc. (NYSE: P) and have not been compensated for this article.