Pandora, Universal Music Group Report Quarterly Earnings

Pandora, Universal Music Group Report Quarterly Earnings

Pandora, Universal Music Group Report Quarterly Earnings
Pandora Media reported a loss of $5.4 million for its fiscal quarter ended July 31, a wider loss compared to a $3.7 million loss in the year-ago period. Despite the loss, the company's revenue increased 52 percent to $89.4 million, led by an 85 percent increase in mobile revenue to $59.2 million. In related news, Universal Music Group reported $110.4 million in earnings before interest, taxes, depreciation, and amortization and revenue of $1.2 billion for its second quarter. The company reported gains in music publishing revenue, increased North American music sales, higher licensing income, and an 8.9 percent increase in digital sales. (8/30)

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