Pandora Cutting Jobs Despite Estimated Fourth Quarter Revenue Gains
Music streaming service Pandora said it would reduce about 7% of its U.S.-based workforce and also expects to surpass its previous fourth-quarter revenue forecast.
Shares of Pandora were up 6.8 at $12.81 in extended trading.
Pandora (P) said the job cuts, which would be executed by the end of the first quarter in 2017, are intended to reduce operational costs in 2017.
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As of Dec. 31, 2015, Pandora had 2,219 employees.
The company, which in October forecast fourth-quarter revenue in the range of $362 million to $374 million, said revenue would exceed its previous forecast due to higher advertising revenue and an increase in paid subscribers.