Eventbrite, job cuts, economic downturn, layoffs
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Eventbrite to lay off 8% of workforce, move 30% roles to India, Spain

American event management and ticketing company, Eventbrite has said that will lay off around 8 per cent of its workforce and move 30 per cent of the jobs outside US, in a bid to cut costs in the backdrop of the global economic crisis.

The company on Tuesday also announced that it may relocate 30 per cent of the remaining roles. This includes relocating some development roles from Argentina and the US to Spain and India. The company may also move almost all of its customer support and operation employees to locations outside the US. The entire process is likely to be completed by the end of 2023, the company has said.

Also read: Germany’s BASF to shed 2,600 jobs in cost-cutting drive

Eventbrite had around 881 employees including 508 in the US, as of December 31, 2022.

The restructuring plan is likely to cost the company an estimated $12-$20 million, pre-tax.

The company’s shares rose by 3 per cent to $9 in extended trading. On Tuesday, it also reported a 20 per cent increase in its revenue in the fourth quarter, the same being attributed to rise in paid ticket volumes.

Also read: Disney plans to cut 7,000 jobs, reward shareholders

The company expects its full-year revenue in 2023 to rise to $312-$330 million from $260.9 million in 2022.

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