Ticketing service provider Eventbrite to lay off 8% workforce, will move some roles to India
- Eventbrite joins a growing list of firms in corporate America - from tech companies and Wall Street banks to online furniture retailer Wayfair Inc - that have reduced their workforce in the face of recessionary fears
Eventbrite is a global self-service ticketing, marketing, and experience technology platform that serves a community of hundreds of thousands of event creators in nearly 180 countries. Eventbrite Inc said on Tuesday it will eliminate about 8% of the company's workforce, as the ticketing service provider looks to cut costs amid worries of an economic downturn. Eventbrite said it also plans to relocate about 30% of the remaining roles, including moving certain development roles to Spain and India from Argentina and the U.S. The company added it will relocate nearly all of the customer support and operations roles to locations outside the U.S.
Eventbrite reported a 20% rise in fourth-quarter revenue on Tuesday, benefiting from improvement in paid ticket volumes.
“Our strong fourth quarter and full year financial results reflect great execution in enabling creator success and growth. We powered the experience economy with $3.3 billion of ticket sales in 2022 as consumers attended 5 million total events offered by our creators. New tools, like Ads, are making an impact for creators who rely on Eventbrite to build their audience using our scale and marketplace,” said Julia Hartz, co-founder and Chief Executive Officer.
“As industry leaders, we will continue to innovate on marketing and demand generation capabilities that help creators share their unique content with a bigger audience of consumers. We’ve taken the difficult and important steps to restructure our business to accelerate toward a two-sided marketplace and our long-term financial targets. We are focused on the opportunity to help our customers grow faster while driving improved profitability, sustainable growth and increased shareholder value.”
The company joins a growing list of firms in corporate America - from tech companies and Wall Street banks to online furniture retailer Wayfair Inc - that have reduced their workforce in the face of recessionary fears.
Eventbrite had 881 full-time employees, of which 508 were in the United States and the rest in other locations as of December 31, 2022, The company expects the entire process to be completed by the end of the year.
The company expects full-year 2023 revenue to be between $312 million and $330 million, compared with $260.9 million in 2022.
* *With agency inputs
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Business NewsNewsWorldTicketing service provider Eventbrite to lay off 8% workforce, will move some roles to India
First Published:1 Mar 2023, 05:43 AM IST
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