Eventbrite stock fell 27%, after the ticketing platform reported widening losses. The stock recovered somewhat to close at $17.60.
Eventbrite posted its Q1 2019 financial results Monday reporting revenue growth of 9.1% to top $81.3 million at the end of the quarter. The company’s paid tickets also saw growth of 14.5% to end the quarter on 27 million ticket sales, compared to 24m in Q1 2018.
But an operating loss of $10.1m in Q1, compared to $3.1m in Q1 2018, contributed to the company’s share price falling around 30% to under $17 per share.
For the first fiscal quarter, Eventbrite reported total paid tickets of 27 million, a slight uptick from the previous year’s Q1 when they sold 24 million tickets.
Eventbrite attributed its shortfalls to currency fluctuations, as well as “mix in pricing packages and event categories/types.”
Following the earnings release, Eventbrite’s stock slipped below $18 a share, the lowest level since the company launched their IPO last year and down by more than 35% since the start of 2019.
Eventbrite also revealed that Chief Financial Officer Randy Befumo will transition into the role of Chief Strategy Officer to focus on strategic initiatives for the company. This was the role Befumo was originally hired for in 2013.
Eventbrite will launch a search for a Chief Financial Officer to succeed Befumo, who will continue in his current role until his replacement is appointed.
Befumo indicated his pending transition is not due to a dispute or disagreement with the company.