Eventbrite Tanks a Whopping 30% For This Reason

Shares of Eventbrite were plummeting to hit below $17, the lowest level simce the company’s IPO last September.

The big losses came after the U.S.-based event management and ticketing website reported financial results and missed on both the top and bottom lines.

For the quarter, the company reported a loss of 13 cents a share on revenue of $81.3 million. analysts had been waiting for a loss of just 9 cents and revenue of $83 million according to Refinitiv consensus estimates.

The company reported total paid tickets of 27 million, compared with the 24 million sold during the same quarter of 2018.

Net revenue per paid ticket fell during the quarter to $3.01. This is down from $3.16 during the comparable quarter of 2018.

According to the company, the decrease in net revenue per paid ticket “was driven by a combination of currency fluctuations, mix in pricing packages and event categories/types,” according to the company’s shareholder letter.

Looking ahead for the second quarter, analysts expect losses of 6 cents a share and revenue of $82.4
million. Eventbrite said it expects revenue of $74 million to $78 million only.

The company has also said that it is launching a search to find a new CFO as its current CFO Randy Befumo will take the role of chief strategy officer.

Shares are down over 33% in the last twelve months.

Disclaimer: We have no position in Eventbrite Inc. (NYSE: EB) and have not been compensated for this article.