Eventbrite Announces Layoffs After Reporting Double Digit Ticket Sales Decline For Q2
SAN FRANCISCO (CelebrityAccess) — Eventbrite, the ticketing and event management platform, announced the results of their second fiscal quarter for 2024, recording a decline in ticket sales but managing to post positive profits anyway.
According to Eventbrite’s financial filings, the company reported net revenue of $84.6 million, up by 7% year-over-year along with net income of $1.1 million, swinging to profit from a loss in the second quarter of 2023.
During the quarter, Eventbrite reported selling 16% fewer tickets, with total tickets declining by 16% to 66,791,000. Paid tickets declined as well, falling by 9% to 21,243,000.
Total events listed on Eventbrite during the quarter declined by 12% to 1.4 million while total creators and paying creators using the platform fell by 15% and 16% respectively.
“Our second-quarter performance, while within our guidance, was pressured by the pricing-related headwinds related to our transition to a two-sided marketplace,” said Julia Hartz, Co-Founder and Chief Executive Officer. “We are taking action to refine the go-to-market strategy and reduce our expense structure to work towards profitability even despite the revised revenue outlook for the year. That said, we are encouraged by the growth in the consumer side of the business, namely in mobile app adoption and tickets driven by Eventbrite’s discovery experiences. I’m confident that leaning into our marketplace strategy will enable long-term growth for creators and an increased engagement of consumers as the desire to gather at live events continues.”
Based on the company’s 2Q results, Eventbrite recalibrated their expectations for the rest of 2024, with revenue projected to be in the range of $74 to $77 million and $318 million to $325 million for fiscal year 2024.
As part of their financial filings, Eventbrite revealed that the company has eliminated roughly 100 positions across the company and has initiated other cost-saving measures.
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