Eventbrite is laying off 11% of its staff

• Eventbrite is letting go of about 100 employees, or 11% of its workforce, the company said Thursday.
• It expects to incur about $7 million in costs associated with the reduction.
• The company previously cut 8% of its workforce in February 2023.

The ticketing-and-events platform Eventbrite said on Thursday that it's letting go of around 100 employees — roughly 11% of its staff.

The company said it expects to incur up to $7 million in severance and cost-reduction actions tied to the layoffs. Eventbrite previously cut 8% of its workforce in February 2023.

One current Eventbrite staffer, speaking on the condition of anonymity to be able to talk freely about a sensitive internal situation, told Business Insider they expected the layoff given Eventbrite's stock value had dropped off in recent months. The company is currently trading at around half its value from the start of the year.

Eventbrite reported second-quarter earnings on Thursday, with net revenue of $84.6 million, a 7% increase year-over-year. However, gross ticket sales dropped from $890 million in Q2 2023 to $840 million in Q2 2024, a roughly 6% decline. The company lowered its revenue outlook for the third quarter and fiscal year 2024, citing the decline in paid tickets revenue as it's struggled to attract and retain creators. The company also said it's offered new pricing for creators, including a free tier, that cut into its revenue forecast.

Its stock at one point dropped around 18% in after-hours trading.

"In light of the reduced revenue outlook and in keeping with our commitment to financial discipline, we have taken decisive action to significantly reduce operating expenses," the company wrote in a letter to shareholders.

The company also announced on Thursday that it would promote its CFO Lanny Baker to chief operating and financial officer. It's hiring ex-Meta executive Samantha Wu as chief marketing officer.