Pandora (P) Misses Q1 EPS by 7c, Total Listener Hours Grew 11%

Pandora (NYSE: P) reported Q1 EPS of ($0.23), $0.07 worse than the analyst estimate of ($0.16). Revenue for the quarter came in at $230.8 million versus the consensus estimate of $224.56 million.

Total listener hours grew 11% to 5.30 billion for the first quarter of 2015, compared to 4.80 billion for the same period last year.

Pandora sees Q3 revenue of $280-285 million, versus the consensus of $281.63 million.

Adjusted EBITDA is expected to be in the range of $8 million to $13 million. Adjusted EBITDA excludes forecasted stock-based compensation expense of approximately $31 million and forecasted depreciation and amortization expense of approximately $5 million and assumes minimal provision for income taxes given our net loss position. Diluted shares outstanding for the second quarter 2015 are expected to be approximately 219 million.

Pandora sees FY2015 revenue of $1.16-1.18 billion, versus the consensus of $1.16 billion.

. Adjusted EBITDA is expected to be in the range of $75 million to $85 million. Adjusted EBITDA excludes forecasted stock-based compensation expense of approximately $122 million and forecasted depreciation and amortization expense of approximately $23 million and assumes minimal provision for income taxes given our net loss position. Diluted shares outstanding for the full year 2015 are expected to be approximately 221 million.

For earnings history and earnings-related data on Pandora (P) click here.

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