Jan 12 Music streaming service Pandora Media Inc
said it would reduce about 7 percent 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 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.
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.
(Reporting by Aishwarya Venugopal in Bengaluru)