Pandora Shares Rally As Company Plans Job Cuts, Projects Strong Quarter

Shares of Pandora Media Inc. rose more than 7% late Thursday after the internet radio company said it expects to report larger-than-predicted fourth-quarter sales on subscriber and advertising growth. The Oakland, Calif., based company also said it is planning layoffs and that it has surpassed 4.3 million paid subscribers. Pandora aims to end 2017 with 7% fewer employees, the company said in a statement. Pandora is scheduled to report fourth-quarter and full-year results on Feb. 9. At the time it reported third-quarter results, Pandora said it expected fourth-quarter sales in the range of $362 million to $374 million. It expected an adjusted loss between $51 million and $39 million. Shares of Pandora ended the regular trading day up 0.9%.