In the video below, Motley Fool analyst Blake Bos breaks down Pandora Media's (NYSE:P) results and forward guidance.

He discusses the impact of Pandora's 40-hour monthly listening limit on subscription services year over year. However, increasing the subscriber base is only part of the story.  Blake explains key metrics used in valuation, revenue, and expense per 1,000 listening hours.  He also highlights mobile revenue vs. web browser-based revenue as well as their respective rates of growth. 

Lastly, Blake points out how increased head count at Pandora is focused mainly on the important growth areas of mobile revenue and local ad revenue.  He comments on Pandora pricing compared to Sirius XM Radio (NASDAQ:SIRI).