Eventbrite lost one-third of its value after revealing merger struggles, now trading below IPO price

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.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Eventbrite plunges over 20% after earnings miss and weak guidance (EB) | Markets InsiderEventbrite crashes below its IPO price (EB)
Source: BusinessInsider - 🏆 729. / 51 Read more »

Elastic shares fall after software company's post-IPO lock-up period expiresSome tech companies that have gone public in recent years have seen their stocks hit after insiders have gotten the chance to let go of some shares. And nobody said limp or inert They will bounce back 🤖
Source: CNBC - 🏆 12. / 72 Read more »

Lyft just gave us the first look inside its financials — and they show widening losses as the company continues to growThe ride-hailing company made its IPO filing public for the first time on Friday.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Company behind Florida migrant children camp drops IPO plansThe corporation behind a Florida detention camp for migrant children abandoned its plans to go public Tuesday as controversy grows around policies that lock up children crossing the Mexico border. The chairman of Caliburn International Corp., Thomas J. Campbell, sent a letter to the Securities and Exchange
Source: YahooNews - 🏆 380. / 59 Read more »