San Francisco-based online ticketing platform Eventbrite posted its Q1 2019 financial results yesterday (May 1), 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.
However, an operating loss of $10.1m in Q1 (see below), compared to $3.1m in Q1 2018, contributed to the company’s share price falling around 30% to under $17 per share.
The company’s net loss per share was $0.13 for Q1 2019.
Elsewhere in the ticketing firm’s financial report, operating expenses grew to $61m in Q1 2019, a 23.1% increase year over year.
Operating expenses in the quarter were 74.9% of net revenue compared to 66.5% in the first quarter of 2018.
Eventbrite says that it increased its spending on product development by 61.5% year over year to $14.3m, or 17.5% of net revenue, up from 11.9% in the prior year.
This increase was due to hiring efforts, according to Eventbrite, in addition to an increase in headcount as a result of the Ticketea and Picatic acquisitions.
Eventbrite also announced that Randy Befumo, its Chief Financial Officer, will transition into the role of Chief Strategy Officer to focus on strategic initiatives for the company.
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.
Befumoi said: “While it has been a privilege to lead Eventbrite’s Finance team for the past three years, I am excited to take on the strategy role to focus on helping Julia and the team find ways to not only best serve our creators but also enable our creators to grow.”
“As we chart our path forward to capitalize on the opportunity ahead, it’s critical for us to have dedicated leadership and focus on cornerstone areas of the business.”
Julia Hartz, Eventbrite
Julia Hartz, CEO and Co-Founder of Eventbrite (pictured), added: “As we chart our path forward to capitalize on the opportunity ahead, it’s critical for us to have dedicated leadership and focus on cornerstone areas of the business.
“After having worked with Randy for six years, I believe that by having him focus on strategy, we are putting forth the best and highest use of his energy and time.
“This will help us better serve our creators and our business, now and into the future.”Music Business Worldwide