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The ticket reseller's costs climbed 37% in the second quarter, wiping out gains from a 33% revenue surge
StubHub Holdings reported second-quarter revenue of $573.1 million, a 33% increase from a year earlier, but costs outpaced that growth and the company posted a net loss attributable to common stockholders of $40,000, or zero cents a share.
Total costs and expenses reached $553.6 million, a 37% jump that pushed operating income down 22% to $19.5 million for the quarter. Analysts had been expecting a profit of 11 cents a share, according to The Wall Street Journal. A year earlier, the company posted a net loss attributable to stockholders of $75.9 million.
Gross merchandise sales hit $3.1 billion, reflecting a 34% year-over-year gain in the total value of tickets transacted on the platform. The company raised its full-year GMS outlook to a range of $10.1 billion to $10.3 billion.
