The service benefited from growth in listeners since the start of the year. It reported on Wednesday that total revenue for the first quarter was $80.8 million, ahead of analysts anticipated revenue of $74.3 million.
It raised its full-year revenue outlook to $420-$427 million, up from $410-$420 million. "It was a good quarter and a very good start to the year," said BMO Capital Markets analyst Edward Williams.
The service is yet to turn a profit, and is in an increasingly competitive business.
"We are making excellent progress on all fronts - consumer adoption continues at an extraordinary pace," Pandora Chief Executive Joe Kennedy told Reuters.
Pandora is supported mainly by advertising, competing with traditional radio services such a ClearChannel, satellite radio provider Sirius XM and also with Internet streaming services like Spotify. It recommends different songs based on a users' playlists.
Written by: James Delahunty @ 23 May 2012 19:17
