Pandora’s narrower-than-expected losses signal a sigh of relief after a rough-and-tumble year at the online radio company.
Co-founder Tim Westergren stepped aside as CEO for the second time in June, amid the company’s ongoing battle against the likes of Spotify and Apple Music. The company fended off an acquisition offer from SiriusXM, only to accept a strategic investment from the satellite radio company. That investment was in lieu of an investment from KKR, a firm known for private equity deals. Pandora and KKR had reached an agreement on a $150 million investment in May.
Despite the drama, Pandora managed to increase both advertising revenue and subscriptions during the second quarter, boosting revenue.
The company has also announced divestiture of online ticket platform Ticketfly and the discontinuation of Pandora operations in Australia and New Zealand.
“We have taken a number of steps to hone the company’s strategy and position Pandora to continue to build audience and extend monetization,” said Naveen Chopra, chief financial officer and interim CEO of Pandora.