The world’s largest internet radio service achieved significant revenue gains in the third quarter of this year. 

Pandora’s positive overall growth continues with the company posting a $2 million net loss for the third quarter of 2014, an improvement on the $4.1 million loss recorded one year earlier. The $2 million loss came on record revenue of $239.6 million, a 40 per cent increase on the same time period last year.

Pandora’s mobile revenue stream rose 52 per cent to $188 million whilst local advertising grew 118 per cent to $41.8 million. In the first 9 months of the year, the company’s revenue grew 49.2 per cent to $652.8 million.

Although Pandora’s third quarter financial statistics were largely positive, the company experienced mixed results with listening growth. The company’s number of active listeners for the quarter rose by just 100,000.

Pandora also experienced a 1 per cent decline in overall listener hours, down to 4.99 billion hours from 5.04 billion hours in the year’s second quarter. It is worth noting that the third quarter total of 4.99 billion hours is still a 25 per cent increase on the numbers reported for the same period in 2013.

The company’s largest expense, royalties, totalled 46.5 per cent of its overall revenue.

[via Billboard]