News

Pandora shares up on stronger 4Q outlook, job cut plans

NEW YORK – Pandora ‘ s stock is climbing Friday after the online radio company, on the condition that a stronger fourth quarter sales outlook and announced plans to cut about 7 percent of the workforce.

Pandora said late Thursday that the job cuts, which would exclude Ticketfly, be done to help trim overall costs. The Oakland, California-based company is facing increasing competition from Spotify and Apple Inc.’s music service.

Pandora anticipates the defeat of the previously announced forecast for the fourth quarter revenue in a range of $362 million to $374 million, due to the strong performance of ads. Analysts polled by FactSet expect $369.6 million.

Pandora Media Inc. it is expected to report its fourth quarter and full-year financial results on Feb. 9.

The stock climbed 80 cents, or 6.7 percent, to $12.80 in the morning trade Friday. The shares are 27 percent more than last year.

Follow us

Don't be shy, get in touch. We love meeting interesting people and making new friends.

Most popular