Oakland, Calif.-based Pandora Media (NYSE:P) shares are in freefall in after-hours trading Thursday, down more than 5% following an earnings report that showed the Internet radio company beating analyst estimates for revenue and either beating or missing on earnings (depending on how you view the estimates).
Revenue in the fiscal second quarter grew 58% in comparison to last year's Q2, to $162 million. "Earnings" -- which were actually losses -- amounted to $0.04 lost per share. Analysts had forecasted a $0.02-per share profit, which target the company failed to hit under generally accepted accounting principles (GAAP) but exceeded under a non-GAAP, pro forma rubric. In its statement, management claimed that non-GAAP profits were $0.04 per share and thus ahead of estimates.
Cash burn swelled during the quarter, rising to $8.5 million for the past three months, as compared to a modestly positive free cash flow figure one year ago.
On other metrics, Pandora performed strongly, as it usually does. Pro forma revenue from services delivered over mobile devices grew 92%, active users increased 30%, total listener hours were up 18%, and market share among radio listeners of all types climbed 106 basis points to 7.08%.