Pandora on Monday reported a near 10% rise in quarterly revenue as advertisers spent more on the online music streaming service.
The company, which faces stiff competition from Spotify and Apple Music, said its net loss widened to $275.1 million, or $1.20 per share, in the second quarter ended June 30, from $76.3 million, or 33 cents per share, a year earlier.
The latest quarter’s loss included a goodwill impairment charge of $132 million.
The company’s total revenue rose to $376.8 million from $343 million.
Last month, Pandora Chief Executive Tim Westergren stepped down, signaling a shake up at the company where satellite radio company Sirius XM (SIRI) invested $480 million in early June. Prior to Sirius’s investment, it was reported that the company was looking for a buyer, with the satellite music operator and Amazon said to be in the running. In March Pandora launched a $9.99-per-month streaming service to try and compete with Apple Music, Google Play, and Spotify.
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