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Pandora lays off 5% of its staff and shifts its focus away from California because it's too expensive (P)

Pandora laid off 5% of its workforce Wednesday as part of cost-cutting efforts to boost the slumping company. The music streaming service, which is headquartered in Oakland, California, is looking to expand its presence in Atlanta, Georgia due to a lower cost of living. The company expects this reorganization to save $45 million annually. The $1.2 billion internet radio company Pandora laid off 5% of its employees on Wednesday in order to " prioritize its strategic growth initiatives and optimize overall business performance," according to an SEC form filed by the company.
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