Image source: Getty Images.Last week, Pandora (NYSE: P) pre-announced its fourth quarter earnings results, letting investors know that its revenue and EBITDA will come in higher than originally anticipated. Management also mentioned in the announcement that the company will be eliminating 7% of its U.S. workforce this quarter. The layoffs "are designed to ensure the company can execute on its core strategic initiatives without additional capital", according to the press release.Pandora is facing a much more competitive environment than just a few years ago.