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.

If you liked this article you might like

CEOs Are Dropping Like Flies

How Facebook Is Trying to Avoid a Public Relations Disaster with Songwriters

Can an iTunes for News Succeed? Chartbeat Founder Thinks So

A Robot Will Be Taking Your Job Soon

Facebook's Video Ambitions Spur Talks With Music Industry