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Eventbrite is set to lay off 100 staff members, despite growing its second quarter revenue by 7% year-over-year.
The ticketing marketplace posted a net revenue of $84.6m (£66.3m/€77.4m) compared to $78.9m in the same period the year prior. Gross profit reached $59.9m compared to $54.3m, and net income amounted to $1.1m compared to a $2.9m net income loss during 2023’s second quarter.
While this is an improvement, the company is looking to increase its profitability while reducing its expenses structure.
Eventbrite said that it would be laying off roughly 100 members of staff with the aim of lowering costs.
It is expected that this will result in up to $7m in expenses relating to severance and cost-reduction actions during Q3, but the hope is that these initiatives will reduce the company’s total annualised operating costs by $30m.
“Our second-quarter performance, while within our guidance, was pressured by the pricing-related headwinds related to our transition to a two-sided marketplace,” said Julia Hartz, co-founder and chief executive.
“We are taking action to refine the go-to-market strategy and reduce our expense structure to work towards profitability even despite the revised revenue outlook for the year. That said, we are encouraged by the growth in the consumer side of the business, namely in mobile app adoption and tickets driven by Eventbrite’s discovery experiences. I’m confident that leaning into our marketplace strategy will enable long-term growth for creators and an increased engagement of consumers as the desire to gather at live events continues.”
Elsewhere, Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation) amounted to $12.8m compared to $11.3m the year prior, a 13% increase.
Total free and paid ticket volume came to 66.8 million tickets across 1.4 million events in the second quarter.
Last month, Eventbrite announced that it had become the latest ticket business to partner with TikTok, which will allow event creators to promote their events and sell tickets.
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