Ticketing service provider Eventbrite to lay off 8% workforce

Eventbrite

28/02/2023 23:37

Feb 28 (Reuters) - Eventbrite Inc  EB.N  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.
    Shares of the company were up nearly 3% at $9 in extended
trading.
     The company joins a growing list of firms in corporate
America - from tech companies and Wall Street banks to online
furniture retailer Wayfair Inc  W.N  - that have reduced their
workforce in the face of recessionary fears.
     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.
    As of December 31, 2022, Eventbrite had 881 full-time
employees, of which 508 were in the United States and the rest
in other locations. The company expects the entire process to be
completed by the end of the year.
    The ticketing service provider expects to incur total costs
associated with the restructuring plan of about $12 million to
$20 million, pre-tax.
    Separately, Eventbrite reported a 20% rise in fourth-quarter
revenue on Tuesday, benefiting from improvement in paid ticket
volumes.
    The company expects full-year 2023 revenue to be between
$312 million and $330 million, compared with $260.9 million in
2022.    
    
    

 (Reporting by Granth Vanaik in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((Granth.Vanaik@thomsonreuters.com; Twitter: https://twitter.com/Vanaik_Granth;))