January 12, 2017 / 10:40 PM / in 7 months

Pandora Media to cut 7 pct U.S. jobs, expects to exceed Q4 rev forecast

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Jan 12 (Reuters) - 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)

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