- Eventbrite posted its first earnings report since going public in October.
- It beat on revenue, but missed on the bottom line.
Eventbrite is sliding, down nearly 8% Tuesday, after posting a bigger-than-expected third-quarter loss.
The ticketing and event-management company said it lost an adjusted $US0.66 a share – $US0.22 more than what analysts surveyed by Bloomberg were expecting. It generated $US73.6 million revenue, topping the $US71.7 million that was anticipated.
“Operating loss was negatively impacted by increased stock-based compensation expense in the quarter related to our initial public offering,” Eventbrite said in the earnings release.
Eventbrite said it was able to free up some money from a data-security incident that it faced earlier this year. At the time, it took a $US6.6 million charge, but it has paid less and anticipates an additional recovery in the near future. Meanwhile, the company recently refinanced its venture debt facility with a bank unit led by JPMorgan and said it expects lower interest expenses because of the refinancing.
Looking ahead, the company sees fourth-quarter revenue in the range of $US72 million to $US74 million, and expects adjusted EBITDA, or earnings before some items, to be in the range of $US6.5 million to $US8.5 million.
Eventbrite went public in September, raising $US230 million.Shares soared more than 50% on the day of the initial public offering. They are now up 21% since pricing at $US23.