SAN FRANCISCO - Eventbrite, Inc. (NYSE:EB), a global ticketing and event technology platform with a market capitalization of $374 million, announced today that its Chief Operating Officer, Lanny Baker, will resign from his position effective December 31, 2024.
Baker's departure comes as he prepares to take on a senior executive role outside of the company. According to InvestingPro data, the company's stock has shown resilience with a 4.89% gain over the past week, despite broader market volatility.
Eventbrite has not yet named a successor for Baker, and the company's plans for filling the COO position remain undisclosed. Baker's upcoming departure is a notable change in the executive team of Eventbrite, which is headquartered in San Francisco, California, and is known for its comprehensive suite of services for event organizers ranging from ticketing to marketing and analytics.
The company has demonstrated positive momentum with 8.54% revenue growth over the last twelve months. For deeper insights into Eventbrite's valuation and growth prospects, investors can access comprehensive analysis and additional ProTips through InvestingPro's detailed research reports.
In other recent news, Eventbrite Inc. reported mixed financial results for the third quarter of 2024. Despite surpassing forecasted revenues, the company experienced a 5% decline from the same quarter last year, with revenues reaching $77.8 million.
This decrease was primarily due to challenges in ticket volumes, resulting in an 11% drop in ticketing revenue. However, the company saw a significant rise in revenue from organizer fees and Eventbrite ads, which doubled and now constitute 12% of total revenue.
Eventbrite's net loss improved, narrowing to $3.8 million from $9.9 million in the previous year, aided by staff reductions that led to $5.4 million in severance costs. The company ended the quarter with $531 million in cash and equivalents, and $237 million in available liquidity. Looking forward, Eventbrite anticipates Q4 2024 revenue to be between $74 million and $77 million, with full-year revenue projected to be between $322 million and $326 million.
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