CORRECTED-Pandora reports second quarter adjusted revenue is up 58 percent

Thu Aug 22, 2013 5:29pm EDT

(Corrects day to Thursday in second paragraph)

SAN FRANCISCO Aug 22 (Reuters) - Pandora Media Inc, the Internet radio service, reported that quarterly revenue on an adjusted basis rose 58 percent to $162 million as it continued to pick up listeners.

The company's shares, which fluctuated wildly for the first year after Pandora's June 2011 initial public offering, have surged to new highs in 2013. It closed on Thursday at $21.71.

Despite the recovery, Chief Executive Joe Kennedy has been wrestling with narrow margins and rising competition from rivals such as Spotify. (Reporting by Gerry Shih; Editing by Andre Grenon and Phil Berlowitz)

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