Struggling Pandora Shares Rise After Q2 Earnings Beat

Pandora Media Inc (NYSE: P) received a boost following a second-quarter earnings beat.

The struggling Internet radio pioneer delivered Q2 adjusted loss of 21 cents per share, beating estimates by 3 cents. Sales came in at $376.834 million, ahead of estimates by $7.564 million.

Pandora subscriptions showing solid growth, with a 24 percent year-over-year increase. Advertising RPM came in at $66.15 in Q2.

"We have taken a number of steps to hone the company's strategy and position Pandora to continue to build audience and extend monetization through a combination of advertising and subscription revenue streams. In addition to exceeding our revenue expectations this quarter, we also announced several important strategic moves including a $480 million investment from Sirius XM, the sale of Ticketfly, and changes to our board and management team," said Naveen Chopra, CFO and interim CEO of Pandora.

"We remain laser-focused on execution that attracts listeners and investments that drive the growth and monetization of our audience."

Shares of Pandora were up over 3 percent to $9.26 in after-hours trading. The stock fell more than 5 percent int he regular session.