Eventbrite Stock Down 30% On Higher Than Expected Loss, Weak Revenue Projections [UPDATE]

UPDATE: Eventbrite shares fell sharply Friday morning, after the company issued a first-quarter revenue outlook below Wall Street expectations. The independent ticketing company predicted first-quarter revenue of $80 million to $84 million, well short of the $91 million analysts polled had forecast.

Revenue topped expectations, but it was not enough. Per share Q4 losses were 17 cents per share vs the 14 cents predicted by analysts polled by Refinitiv and reported by CNBC. Revenue was $75.9 million vs. a predicted $73.2 million.

For Q1, the company said it expects sales of $80 million to $84 million, while analysts polled by FactSet had hoped for $91.3 million.

Eventbrite stock was down as much as 31% on Friday morning, The price as of 10:15AM ET was down 29% to $29.03. The company debuted in the markets just last September, opening at $36 per share. 

Expansion In Mexico

On Wednesday, the company announced the launch of a localized platform in Mexico.

Eventbrite has experienced strong organic growth in Mexico, powering nearly 60,000 events and processing more than 5.7 million tickets since the platform’s inception. With a localized platform, consumers will have the ability to order tickets online and then pay for them with cash at local OXXO convenience store – the first time Eventbrite has offered this functionality,