OAKLAND (CBS / AP) — Pandora’s stock is climbing before the opening bell Friday after the 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 exclude Ticketfly, are being done to help trim overall operating costs. The Oakland, California-based company has been facing increasing competition from Spotify and Apple Inc.’s music service.
Pandora anticipates beating its previously announced forecast for fourth-quarter revenue in a range of $362 million to $374 million, citing its strong advertising performance. Analysts polled by FactSet expect $369.6 million.
Pandora Media Inc. is expected to report its fourth-quarter and full-year financial results on Feb. 9.
Its stock gained 95 cents, or 7.9 percent, to $12.95 in premarket trading.
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