Eventbrite revenue Plunges Amid Staggering Losses Because Of COVID-19

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Eventbrite Inc. EB, +2.43% shares were flat in after-hours trading Monday after the event-management services company reported fiscal first-quarter revenue and net income that missed Wall Street estimates.

Eventbrite reported a loss of $146.5 million, or $1.71 a share, compared with a loss of $9.96 million, or 13 cents a share, in the year-ago quarter. Revenue fell 40% to $49.1 million from $81.3 million a year ago.

ith the shutdown of all major live events because of COVID-19, the San Francisco-based company announced a job reduction of 45% of its 1,000 employees in early April. On Monday, Eventbrite said it secured financing with Francisco Partners of up to $225 million.

Analysts surveyed by FactSet had expected a loss of 25 cents a share on sales of $71.8 million. Eventbrite shares are down 42% in the last year. The broader S&P 500 index SPX, +0.01% is up 4.2% in the last year.

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