Pandora share price up on job-cut plan
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.