Eventbrite crashes below its IPO price
plunged nearly 30% Friday morning after delivering disappointing fourth-quarter and fiscal-year 2019 results.Shares hit a low of $22.76 early Friday.Eventbrite missed Wall Street estimates for the fourth quarter, sending shares down nearly 30% and to their lowest level on record.
The company said it posted an adjusted loss of $0.17 a share, compared to the $0.11 loss that analysts were expecting, according to analysts surveyed by Bloomberg. Net revenue for the fourth quarter grew by 21% to $76 million, ahead of Wall Street's consensus estimate of $73 million. In addition, the online-event-management-and-ticketing company said it sees 2019 first-quarter revenue of between $80 million and $84 million, well shy of the $91 million that was anticipated.
The news sent Eventbrite shares briefly below their September initial public offering price of $23. They hit a low of $22.76 before reclaiming the $23 level.
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