Pandora Media on Monday reported a near 10 percent 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, up from 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 Holdings invested $480 million in early June.
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