Pandora Media Inc. (NYSE: P) reported its first-quarter results Thursday after the markets closed as a net loss of $0.13 per share on $230.8 million in revenue, compared to Thomson Reuters consensus estimates of a net loss of $0.16 per share on $224.56 million in revenue. The first quarter from the previous year had a net loss of $0.13 per share on $180.13 million in revenue.

The company gave guidance for the second quarter of 2015 as revenues in a range of $280 million to $285 million and adjusted EBITDA in the range of $8 million to $13 million. There are consensus estimates of $0.04 in earnings per share (EPS) on $281.63 million in revenue for the second quarter.

As for the 2015 full year, Pandora expects revenue to be in the range of $1.16 billion to $1.18 billion and adjusted EBITDA to be in the range of $75 million to $85 million. There are consensus estimates of $0.20 in EPS on $1.16 billion in revenue for the full year.

Pandora ended the first quarter with $481.3 million in cash and investments, compared to $458.8 million at the end of the prior quarter.

Total listener hours grew 11% to 5.30 billion for the first quarter, compared to 4.80 billion for the same period last year. The number of active listeners rose to 79.2 million at the end of the quarter, compared with 75.3 million last year.

Brian McAndrews, chairman, president and CEO of Pandora:

We’ve been actively investing in every part of our business — from the music we play, to the ad technology and music maker products we offer. This quarter’s results are a reflection of those investments paying off. In a time when listeners and brand partners have more choices than ever, listener hours grew, local advertisers increased their spending with us and we continued to advance our lead in digital audio by generating more demand and strong sell through.

Pandora shares closed Thursday up 1.1% at $17.71. Following the release of the earnings report, shares were down 4.9% at $16.85 in after-hours trading. The stock has a consensus analyst price target of $21.50 and a 52-week trading range of $14.50 to $30.48.

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