Eventbrite Inc (EB) Reports 21% YoY Revenue Growth for Q3 2023
Eventbrite Inc (NYSE:EB) reported a 21% year-over-year increase in revenue, reaching $81.5 million in Q3 2023.
The company's adjusted EBITDA grew by more than 50% YoY, achieving an 8% margin in the third quarter.
Marketplace-related revenue, including Eventbrite Ads, organizer fees, and subscriptions, grew by 78% quarter-over-quarter.
The successful launch of Flex and Pro event pricing plans contributed to the company's growth.
On November 1, 2023, Eventbrite Inc (NYSE:EB), a global events marketplace, released its financial results for the third quarter ended September 30, 2023. The company reported a 21% year-over-year increase in revenue, reaching $81.5 million. This growth was primarily driven by paid ticket growth and a record revenue take rate.
Financial Highlights
The company's adjusted EBITDA grew by more than 50% YoY, achieving an 8% margin in the third quarter. This significant increase in EBITDA reflects the company's strong operational efficiency and financial management.
Eventbrite Inc (NYSE:EB) also reported a 78% quarter-over-quarter growth in marketplace-related revenue, which includes Eventbrite Ads, organizer fees, and subscriptions. This segment now exceeds 5% of net revenue, indicating a robust diversification of the company's revenue streams.
Operational Highlights
Eventbrite Inc (NYSE:EB) successfully launched its Flex and Pro event pricing plans during the third quarter. These new pricing packages provide social media and email marketing tools to all creators, helping them grow their audiences and accelerate marketplace momentum.
Were proud of our strong execution in the third quarter as we achieved record take rate and revenue per ticket. The successful launch of our new pricing packages has unlocked our highly effective suite of powerful marketing tools for all creators, helping grow their audiences like never before, and accelerating our marketplace momentum, said Julia Hartz, Co-Founder and Chief Executive Officer.
Looking Forward
Looking ahead, Eventbrite Inc (NYSE:EB) plans to drive further growth through investments in areas like personalization and event discovery. These strategic initiatives aim to leverage the company's scale and trusted consumer brand, further solidifying its position as the world's leading live experiences destination.
Overall, Eventbrite Inc (NYSE:EB)'s Q3 2023 financial results reflect a strong performance, with significant growth in revenue and adjusted EBITDA. The successful launch of new pricing plans and the robust growth in marketplace-related revenue highlight the company's ability to innovate and adapt to market needs.
Explore the complete 8-K earnings release (here) from Eventbrite Inc for further details.
This article first appeared on GuruFocus.
