Eventbrite is letting go of around 100 employees - roughly 11% of its staff. It expects to incur up to $7 million in severance and cost reductions tied to the layoffs. The company previously cut 8% of its workforce in February 2023.
One current Eventbrite staffer stated anonymously that the layoff was expected due to the company's stock value decline. Eventbrite's stock is currently trading at half its value from the beginning of the year.
Eventbrite reported second-quarter earnings of $84.6 million, a 7% year-over-year increase. However, its stock dropped approximately 8% in after-hours trading.
Eventbrite is promoting its CFO Lanny Baker to chief operating and financial officer and hiring ex-Meta executive Samantha Wu as chief marketing officer.
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