Pandora just said its laying off 7 percent of its workforce

Internet radio pioneer Pandora is cutting 7% of its workforce by the end of Q1 2017, the company announced Thursday.

Pandora also said it expects to “exceed previously announced Q4 2016 revenue and adjusted EBITDA guidance ranges, given strong advertising performance. It now has more than 4.3 million paying subscribers. The stock was up over 7% in after-hours trading Thursday immediately following the news.