Eventbrite's shares plunged more than 30% after the events platform's losses more than tripled in the first quarter of 2019.
Eventbrite's net revenue rose 9% to about $81 million as ticket sales on its platform — from which it takes a cut — jumped 15% to 27 million,. However, operating expenses climbed 23% to about $61 million as product-development costs surged 62% and general and administrative expenses jumped 26%. As a result, Eventbrite's operating loss mushroomed from $3.1 million to $10.1 million.
Eventbrite's Ticketfly acquisition has been problematic. It stomached a $6.3 million charge after hackers accessed the personal details of about 27 million Ticketfly accountholders in May 2018. It has also struggled to absorb Ticketfly's business and satisfy its users.
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