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Pandora Media (P) Stock Falls After Hours Despite Earnings Beat

NEW YORK (TheStreet) -- Pandora Media  (P) dropped more than 8.5% in after-market trading on Thursday despite the company's first-quarter results that beat analysts' expectations.

The company posted a GAAP loss of 14 cents a share and a non-GAAP loss of 13 cents a share, both of which exclude $14.2 million in revenue tied to Pandora's subscription return reserve, $17.4 million in expense from stock-based compensation and $0.2 million in amortization of intangible assets.

GAAP total revenue increased 69% year over year to $194.3 million, while non-GAAP total revenue increased 54% year over year to $180.1 million. These figures exclude $14.2 million in revenue tied to Pandora's subscription return reserve. Advertising revenue increased 45% year over year to $140.6 million. Non-GAAP subscription and other revenue increased 94% year over year to $39.5 million, a 94% year-over-year increase. This excludes $14.2 million in revenue from the subscription return reserve.

Analysts polled by FactSet expects a loss of 14 cents a share on revenue of $177.7 million.

Total listener hours increased 12% to 4.8 billion from 4.26 billion in the same quarter one year earlier, while active listeners increased 8% to 75.3 million from 69.5 million.

Pandora expects revenue in the range of $213 million to $218 million for the second quarter and $880 million to $900 million, up from $870 million to $890 million, for the full year. The company also expects non-GAAP diluted EPS in the range of flat to 3 cents for the second quarter and 14 cents to 18 cents, up from 13 cents to 17 cents, for the full year.

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