PANDORA, which has recently been perceived as falling behind in the streaming race against SPOTIFY, GOOGLE PLAY, and APPLE MUSIC, surprised WALL STREET investors with its Q2 report, which reported subscription and revenue soaring 65%. The report easily beat WALL STREET predictions, as PANDORA added 351,00 more subscribers, raising that total to over six million. The news helped PANDORA cut its losses from $289.7 million in Q2 2017 to $99.5 million this year.
Although ad revenue fell 2.6% during the quarter, “We are on track to get back on growth in ad revenue,” PANDORA CEO ROGER LYNCH said in an interview. The Q2 report sent PANDORA stock up over 20% earlier today (8/1). At closing, it was still up around 15% at $7.74.