EB - Here's Why Eventbrite Shares Are Tumbling Today
Shares of Eventbrite (NYSE: EB), an event-management and ticket company, fell today as news of a slowing U.S. economy spurred investors to sell the stock. As of 2:45 p.m. EDT, the company's share price was down 12.4%.
Investors were already growing pessimistic about Eventbrite's stock after the company released its first-quarter financial results on Monday. Net revenue decreased 39% to $49.1 million, as in-person events across the country were canceled due to COVID-19. Eventbrite said that the "pandemic-related impact" cost the company $19.1 million in revenue during the quarter.
Additionally, the company's loss per share of $1.71 was far worse than analysts' consensus estimate loss of $0.24 per share.