EB - Eventbrite Can't Compete Against the Coronavirus
Eventbrite (NYSE: EB) had a rough rookie season after going public in the latter half of 2018, but the sophomore slump has been worse. The online event ticketing specialist announced on Wednesday that it's cutting loose 45% of its global workforce, a painful move that along with other cost-saving initiatives should trim $100 million in annual expenses.
A lot of companies are going through hard times right now, but it's easy to see why Eventbrite is reeling. Eventbrite helps organizers of small and sometimes large events through its online platform for ticketing and registration. Given the social distancing constraints that have been in place since last month, premium event listings have dried up. It's down to promoting online events, and most of those are free listings.
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