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Eventbrite stock slides toward worst day in a year amid collapse in ticket sales
Shares of Eventbrite Inc. are off more than 23% in Tuesday trading and on track for their largest single-day percentage drop since May 2, 2019, when the shares plunged 27%. Tuesday's slide comes after the company posted weaker-than-expected results that highlighted the challenges of being a ticketing business given an uncertain future for live events. RBC Capital Markets analyst Mark Mahaney said that Eventbrite's paid ticketing business was "imploding" with 22 million paid tickets in the first quarter, down 18% from a year earlier. "More key, ticket volume declined 60% year-over-year in March full month and declined 90% year-over-year mid-month (similar to [online travel agency] room nights & rides declines) and has only recovered to 85% declines as of May," he wrote, while cutting his price target to $10 from $11 and reiterating a sector-perform rating. Shares have lost 62% over the past three months as the S&P 500 has declined 14%.
https://finance.yahoo.com/m/b77b077...eb91a6/eventbrite-stock-slides.html?.tsrc=rss
Shares of Eventbrite Inc. are off more than 23% in Tuesday trading and on track for their largest single-day percentage drop since May 2, 2019, when the shares plunged 27%. Tuesday's slide comes after the company posted weaker-than-expected results that highlighted the challenges of being a ticketing business given an uncertain future for live events. RBC Capital Markets analyst Mark Mahaney said that Eventbrite's paid ticketing business was "imploding" with 22 million paid tickets in the first quarter, down 18% from a year earlier. "More key, ticket volume declined 60% year-over-year in March full month and declined 90% year-over-year mid-month (similar to [online travel agency] room nights & rides declines) and has only recovered to 85% declines as of May," he wrote, while cutting his price target to $10 from $11 and reiterating a sector-perform rating. Shares have lost 62% over the past three months as the S&P 500 has declined 14%.
https://finance.yahoo.com/m/b77b077...eb91a6/eventbrite-stock-slides.html?.tsrc=rss
