Eventbrite (NYSE: EB) saw its stock jump by nearly 15% as trading opened Wednesday after the self-service event ticketing platform reported its Q1 earnings after business hours on Tuesday. EB shares jumped from a $6.45 per share figure at market close Tuesday to as high as $7.55 early Wednesday, though it has cooled off slightly since then, down to $7.20 as of 1:30 p.m.
Revenues reported for the first quarter were up by 39%, reaching a three-year high of $77.9 million. Paid ticket volume was up by 28% to 23 million tickets for the platform, which markets itself as a central cog to the experience economy.
“We’re off to an excellent start in 2023. We’ve achieved remarkable revenue growth of 39% from over $900 million in gross ticket sales, says Julia Hartz, Co-Founder and Chief Executive Officer. “Our exceptional execution has allowed us to effectively meet the demands of a highly active live events market. Our enhanced Eventbrite Ads and Boost tools have been instrumental in increasing our creators’ audience demand, further reinforcing the value of our marketplace.”
“We’re seeing a significant acceleration in the adoption of Boost and Eventbrite Ads, resulting in a rapid increase in consumer demand for our unique event inventory,” she continued. “Our marketplace strategy is gaining momentum, thanks to our strong product roadmap and increased efficiency and leverage. We’re excited to pursue the tremendous opportunity ahead of us, delivering sustainable growth to our shareholders while boosting monetization.”
The positive news for Eventbrite comes on the heels of news earlier this year that it would be laying off nearly 10% of its staff and relocate a third of the remaining jobs to other countries in a cost-cutting move. Eventbrite, which went public late in 2018, saw its share prices rally out of pandemic-driven lows as events began to reopen late in 2020, but has seen a downward trend in its value from that point on. It has not traded at above a $10/share price (itself 1/4 of its IPO share price before the pandemic) since last summer.
The letter to Eventbrite shareholders is available here (PDF)
Last Updated on May 10, 2023 by Dave Clark
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