Pan­dora share price up on job-cut plan

San Francisco Chronicle Late Edition - - BUSINESS -

Pan­dora’s stock climbed Fri­day af­ter the Oak­land on­line ra­dio com­pany pro­vided a stronger fourth-quar­ter rev­enue out­look and an­nounced plans to cut ap­prox­i­mately 7 per­cent of its work­force.

Pan­dora said late Thurs­day that the job cuts, which would not in­clude con­cert tick­et­ing ser­vice Tick­et­fly, are be­ing done to help trim over­all op­er­at­ing costs. The com­pany has been fac­ing in­creas­ing com­pe­ti­tion from Spo­tify and Ap­ple’s mu­sic ser­vice. Pan­dora an­tic­i­pates beat­ing its pre­vi­ously an­nounced fore­cast for fourth-quar­ter rev­enue, giv­ing a range of $362 mil­lion to $374 mil­lion, cit­ing its strong ad­ver­tis­ing per­for­mance. An­a­lysts polled by Fac­tSet were ex­pect­ing $369.6 mil­lion.

Pan­dora Me­dia Inc. is sched­uled to re­port its fourth-quar­ter and ful­lyear fi­nan­cial re­sults on Feb. 9.

Its stock climbed 76 cents, or 6.3 per­cent, to close at $12.76 Fri­day. Its shares are up 27 per­cent over the past year.

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