Internet music service Pandora just announced its financial results for the first quarter of its fiscal 2013. The company had a total revenue of $80.8 million, a 58% increase year-over-year. Out of these $80.8 million, $70.6 million came from advertising revenue and $10.2 million from subscription revenue. Advertising revenue increased 62% year-over-year and subscription revenue increased 38%. Despite its increased revenue, Pandora still reported a net loss per share of $0.12 and Non-GAAP net loss of $0.09 per share.
Pandora currently has $80.6 million in cash, cash equivalents and short-term investments. That’s down $10 million from the last quarter. The company’s cash used for its operating activities increased significantly from $2.8 million in the year-ago quarter to $10.6 million.
Looking ahead, Pandora is raising its expectations for the full fiscal year. The company now expects to make between $420-427 million in revenue for its fiscal 2013, resulting in a net loss per-share of between $0.07 and $0.11.
More Listeners, More Advertisers
Overall, the company’s active users reached a record 51.9 million this quarter, up 53% year-over-year. Pandora now has a 71.7% share of the top U.S. Internet radio services and commands almost 6% of the total U.S. radio listening market. According to Pandora, this means that advertisers are also getting even more interested in its services, as “They are moving quickly to speak with their target customers across the Pandora platform, with the majority of the top 50 digital advertisers in the U.S. already having bought multiplatform advertising on Pandora. “