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Tech

Pandora Stock Rises On Strong Earnings Report

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Traders on the floor of the New York Stock Exchange walk wear an insignia for Pandora Media Inc., the online-radio company, on its first day of trading as a public company on June 15, 2011 in New York City. (Spencer Platt/Getty Images)

Traders on the floor of the New York Stock Exchange walk wear an insignia for Pandora Media Inc., the online-radio company, on its first day of trading as a public company on June 15, 2011 in New York City. (Spencer Platt/Getty Images)

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OAKLAND (CBS/AP) – Internet radio company Pandora reported higher-than-expected revenue in the latest quarter, with losses in line with analysts’ forecasts, as the number of subscribers who pay for ad-free listening rose above 2.5 million.

The net loss in the three months ending April 30 grew to $28.6 million, or 16 cents per share, from a loss of $20.2 million, or 12 cents per share, a year ago.

Excluding items such as stock-based compensation costs, the loss came to 10 cents per share, matching the forecast of analysts polled by FactSet.

Revenue rose 55 percent to $126 million, above the $124 million that analysts were looking for.

Pandora Media Inc.’s stock rose nearly 9 percent after the results came out.

Total listener hours grew 35 percent to 4.18 billion in the quarter.

(Copyright 2013 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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