Eventbrite shares rise 5% on earnings beat

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Eventbrite Inc. shares were up 5% in after-hours trading Thursday after the event-management services company reported fiscal second-quarter earnings that beat Wall Street estimates but a sharp decline in revenue, reflecting the devastating impact coronavirus has had on live entertainment. Eventbrite reported a loss of $38.6 million, or 44 cents a share, compared with a loss of $14.8 million, or 18 cents a share, in the year-ago quarter. Revenue plunged 90% to $8.4 million from $80.8 million a year ago. The company did say its expense reduction plan, announced in April, “remains on track to yield at least $100 million in annualized expense savings by the fourth quarter of this year.” Analysts surveyed by FactSet had expected a loss of 50 cents a share on sales of $13.5 million. Eventbrite shares are down 57% this year. The broader S&P 500 index is up 3.7% in 2020.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.