Pandora Media’s loss widens

Pandora Media Inc. reported a wider loss of $48.3 million in its first quarter as it continued to invest in its ad technology and other features.

The Oakland-based music streaming company said it had a loss of 23 cents per share.

Losses, adjusted for stock option expense and amortization costs, were 12 cents a share.

The results topped Wall Street expectations for a loss of 16 cents a share.

Pandora posted a 19% increase in revenue to $230.8 million. Analysts surveyed by Zacks expected $225.4 million.

Pandora had 79.2 million active listeners at the end of the first quarter, up from 75.3 million a year earlier.