Shares of Eventbrite (NYSE:EB) gained 26.2% in August, according to data from S&P Global Market Intelligence. The stock climbed after the event services company posted second quarter results early in the month and then continued to climb thanks to an improving outlook and momentum for the broader market.
Eventbrite published second quarter results on Aug. 6, delivering sales that fell short of the market's target but earnings results that came in better than anticipated. The company posted an adjusted loss per share of $0.44 on revenue of $8.4 million, while the average analyst target had called for an adjusted loss per share of $0.50 on sales of $13.5 million.
The coronavirus pandemic crushed Eventbrite's business in the second quarter, with sales falling roughly 90% year over year in the period as social distancing initiatives zapped ticket listings. However, reduced operating expenses allowed the company to beat Wall Street's earnings target and have put the business in a better position to weather the challenges at hand.
Eventbrite stock has continued to climb in September's trading. Shares are up roughly 4.5% in the month so far.
Eventbrite stock is likely also getting a boost from businesses and public gathering centers reopening, and shares have gained ground in September despite a sell-off for the broader market. The company's online platform for listing and selling tickets for events has big growth potential, but the business will likely continue to face intense pressures due to conditions created by the coronavirus in the near term.
Eventbrite is valued at roughly $1 billion and trades at 8.7 times this year's expected sales.