Global ticketing marketplace Eventbrite is making some changes to its staff this year.
The company revealed that it is letting go of about 100 employees — or 11% of its workforce — amid its second-quarter earnings report last week. Amid the layoffs, Eventbrite will incur up to $7 million in severance and cost-reduction actions; this follows their previous cut of 8% of its workforce in February 2023.
According to one Eventbrite staffer, who spoke with anonymity to Business Insider, the layoff was expected amid Eventbrite’s drop in stock value over the past few months. Currently, the company is trading at around half of its value from the beginning of 2024.
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Alongside news of layoffs, Eventbrite also reported a 7% increase in year-over-year revenue to $84.6 million, as well as a gross ticket sales decline of 6% from $890 million during the same quarter last year to $840 million. The company explained that its revenue outlook as lowered for the third quarter of the 2024 fiscal year, noting that there has been a decline in paid tickets revenue as it has struggled to attract and retain creators.
“In light of the reduced revenue outlook and in keeping with our commitment to financial discipline, we have taken decisive action to significantly reduce operating expenses,” the company said in a letter to shareholders.
Additionally, Eventbrite revealed that it would be promoting CFO Lanny Baker to chief operating and financial officer, while ex-Meta executive Samantha Wu would be filling the role of chief marketing officer.
Eventbrite recently revealed its partnership with TikTok, allowing event creators to promote their events and sell tickets directly on the app.
