(Compares with estimates, adds shares)
May 3 (Reuters) - Pandora Media Inc reported a smaller-than-expected quarterly loss on Thursday as the music streaming service provider benefited from higher subscription revenue.
Shares of the Oakland, California-based company rose 7.8 percent to $6.21 after the bell.
The company said total subscription and other revenue surged 61.3 percent to $104.7 million, slightly above analysts’ estimate of $104.6 million, according to Thomson Reuters I/B/E/S.
Pandora’s advertising revenue fell 3.9 percent to $214.6 million, but topped analysts’ estimate of $198.7 million.
The company faces stiff competition from deep-pocketed music streaming rivals such as Apple Inc’s Apple Music and Sweden’s Spotify Technology SA, whose results on Wednesday failed to enthuse investors.
Net loss available to common stockholders widened to $139.1 million, or 55 cents per share, in the first quarter ended March 31, from $132.3 million, or 56 cents per share, a year earlier.
Excluding items, Pandora posted a loss of 27 cents per share.
Total revenue increased to $319.2 million from $316.0 million.
Analysts on average had expected a loss of 38 cents per share and revenue of $304.3 million. (Reporting by Sonam Rai in Bengaluru; Editing by Sriraj Kalluvila)