Stock Alert: Eventbrite Shares Fall 16%

(RTTNews) - Shares of Eventbrite, Inc. (EB) are currently down more than 16% after the event-management services company's first-quarter revenues and profit missed Wall Street estimates.

EB is currently trading at $8.75, down $1.78 or 16.90%, on the NYSE.

Eventbrite reported a loss of $146.5 million or $1.71 per share, compared with a loss of $9.96 million or $0.13 per share last year.

Revenue fell 40% to $49.1 million from $81.3 million a year ago.

Analysts polled by Thomson Reuters expected a loss of $0.24 per share on sales of $71.9 million.

Cancellations and postponements of all major live events because of the ongoing COVID-19 pandemic has severely impacted the San Francisco-based company. Last month, Eventbrite announced a job reduction of 45% of its 1,000 employees.

On Monday, Eventbrite said it secured financing with Francisco Partners of up to $225 million.