Music streaming service Pandora reported a record revenue in Q2 with total revenue of $67 million, a 117 year over year increase. Companys ad revenue increased by 118 percent to $58.3 million in its first quarter as a public company, while subscription and other revenue was $8.7 million.

For the Q2, on a GAAP basis, the net loss per share was $(0.04). The non-GAAP net income per fully diluted common share was $0.02. Pandora ended the second quarter with $95.3 million in cash and equivalents, compared with $43.7 million at the end of Q1.  The cash increase was mainly related to proceeds generated from the companys initial public offering during the second quarter.

The company revealed that the total of hours people spend using the service was 1.8 billion in Q2 compared to approximately 800 million during the same period last year. Estimated share of total U.S. radio listening was 3.6%, up from 1.8% in 2010. According to Pandora, the service had 37 million active users in July 2011.

Pandora is personalizing radio — and consumers are enthusiastically embracing the dramatically better experience, Joe Kennedy, President & CEO of Pandora said in a statement.  At the same time, advertisers continue their adoption of Pandoras multi-platform ad solutions, resulting in our 6th consecutive quarter of year-over-year triple digit revenue growth. In addition to continued high growth in web revenue, Pandoras mobile advertising revenue for the first time comprised approximately half of total advertising revenue as we lead the way in the nascent but fast growing mobile advertising market.  Pandora continues to grow our market share of U.S. radio as we fundamentally transform one of the last forms of traditional media.

Pandora is forecasting Q3 revenue to be in the range of $69.5 million to $72.5 million, a year-over-year growth of between 96% and 100%. The company expects full yearly revenue to be be in the range of $270 million to $275 million, representing year-over-year growth of between 96% and 100%.

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