Eventbrite shed a third of its value Friday after revealing operational challenges around its Ticketfly acquisition.
Eventrbite beat revenue expectations for the fourth quarter and grew total paid ticket volume. But the North American music segment struggled, according to analysts with Stifel, in part due to migration challenges in integrating the Ticketfly platform into Eventbrite's existing marketplace. The integration"requires an intensive process where our team focuses on migrating existing customers as well as building platform enhancements," CEO Julia Hartz said on the company's earnings conference call.
"Eventbrite may have missed the June/July 2018 window for migration due to the security incident which prompted some customers to leave the platform that otherwise would have migrated. In addition, some competitors, looking to take advantage of the temporary setback have become aggressive with offers for some creators," analysts at Stifel said.
They’re fresh on NYSE. It’s way to early to make negative conclusions of the newbie company on the stock market.
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