Pandora Media Inc (NYSE:P) released the earnings results from its most recently completed quarter tonight after closing bell, posting adjusted earnings of 9 cents per share on $239.6 million in revenue, a 42% growth rate under GAAP and a 40% growth rate under non-GAAP. Analysts had been expecting earnings of 8 cents per share on $236.5 million in revenue.

Pandora Media Inc Beats Earnings Estimates

In the same quarter a year ago, Pandora reported $169.3 million in revenue. Reported losses were 1 cent per share, compared to a loss of 2 cents per share last year.

Key metrics from Pandora Media’s earnings report

The streaming radio service provider reported that total listener hours increased 25% to 4.99 billion. The number of active listeners increased 5.2% to 76.5 million in the quarter. Pandora saw its share of total U.S. radio listening increase from 7.77% in last year’s third quarter to 9.06% this year.

Pandora reported a 52% GAAP growth and 50% non-GAAP growth in total mobile revenue, which was $188 million in the quarter. Ad revenue was $194.2 million, a 44% increase year over year. The company’s local ad revenue rose 118% year over year to $41.8 million. Subscription and other revenue rose 25% to $45.3 million.

The company ended the third quarter with $437.3 million in cash and investments. At the end of the previous quarter, Pandora had $437.9 million. During the third quarter, the company announced its deal with Merlin and launched the Pandora AMP Artist Marketing Platform.

Pandora Media raises full year guidance

For the current quarter, Pandora Media management expects revenue to be between $273 million and $278 million. They project non-GAAP earnings per share of between 17 cents and 19 cents. The non-GAAP estimate excludes stock-based compensation and amortization and is based on 221 million outstanding shares.

For the full year, Pandora increased its non-GAAP revenue estimate from between $895 million and $915 million to between $912 million and $917 million. The company expects non-GAAP earnings per share to be between 19 cents and 21 cents, an increase from the previously provided guidance of between 16 cents and 19 cents.