Shares of Eventbrite tanked 27% Thursday following the release of the ticketing website's first-quarter earnings and weak second-quarter guidance.
The stock traded below $18 per share, its lowest level since its initial public offering in September of 2018.
Eventbrite also said it will launch a search for a new chief financial officer as its current CFO, Randy Befumo, transitions to the role of chief strategy officer.
Eventbrite reported a loss of 13 cents per share on revenue of $81.3 million. Analysts forecast a loss of 9 cents on revenue of $83.0 million, according to Refinitiv consensus estimates.
Eventbrite expects between $74 million and $78 million in revenue for the second quarter, lower than the $82.4 million analysts had projected. Stifel analysts said they had expected revenue to rebound further in comparison to the second quarter of 2018, when the company's Ticketfly platform experienced a data breach that accessed information like names and email addresses of about 27 million accounts.
For the first quarter, Eventbrite reported total paid tickets of 27 million, compared with the 24 million sold during the same quarter of 2018. However, net revenue per paid ticket fell during the quarter to $3.01, down from $3.16 during the comparable quarter of 2018.
Eventbrite said the decrease in net revenue per paid ticket "was driven by a combination of currency fluctuations, mix in pricing packages and event categories/types," according to the company's shareholder letter.
"Weaker sales in the North American music business impacted by migration headwinds and potential loss of creators/venues are the primary drivers of the lower than expected revenue growth," Stifel analysts wrote in a note Thursday. "Eventbrite expects to migrate a large portion of its music creators in the June/July timeframe during the seasonally slower period prior to sunsetting the Ticketfly platform in the back half of the year. The company could potentially face more migration loss as the date of the Ticketfly closure nears."
Eventbrite's stock is down more than 36% so far this year.
-CNBC's Lauren Feiner contributed to this report.