StubHub’s stock tumbled 20% in after-hours trading on Thursday as the ticketing platform released its first quarterly report since going public in September. The results offered a mixed picture of rising revenue but widening losses, leaving investors uncertain about the company’s immediate financial trajectory.

According to results compared with LSEG expectations, StubHub posted a loss of $4.27 per share. Revenue reached $468.1 million, slightly above the forecast of $452 million. While the top-line performance surpassed estimates, the company declined to provide guidance for the current quarter, adding to market caution.

During a call with investors, CEO and founder Eric Baker said the company is maintaining a long-term focus. He explained that the timing of major ticket releases can fluctuate significantly, making it difficult to predict demand with precision. StubHub intends to issue guidance for 2026 when it releases its fourth-quarter results.

Baker reaffirmed that consumer appetite for live events remains robust. He emphasized that the company sees no indication of weakening demand across the industry, despite short-term market volatility.

The company reported that third-quarter revenue climbed 8% from the $433.8 million posted during the same period last year. However, StubHub’s bottom line showed a sharp decline. The firm recorded a net loss of $1.33 billion, or $4.27 per share, compared with a loss of $45.9 million, or 15 cents per share, a year earlier. StubHub attributed the steep loss to a one-time, stock-based compensation expense of $1.4 billion linked to its IPO.

Gross merchandise sales, representing the total value of tickets purchased through the platform, rose 11% year over year to $2.43 billion. The company noted that it faced unusually strong comparisons due to the impact of Taylor Swift’s Eras Tour last year, which significantly lifted industry-wide ticket demand. Removing that spike, StubHub said its gross merchandise sales grew 24% compared with last year.

Founded in 2000, StubHub’s business centers on facilitating transactions between buyers and ticket resellers. The company competes with other major players in the secondary ticketing market, including Vivid Seats, SeatGeek, and Live Nation Entertainment’s Ticketmaster. With multiple competitors vying for market share, StubHub continues to position itself as a platform focused on improving both consumer experience and economic outcomes for event organizers.

Baker said in a statement that the company is working to develop a differentiated product designed to streamline the fan experience while offering greater value to venues, teams, and artists through wider distribution channels. He added that although the company is still early in this effort, its progress reinforces confidence in its long-term strategy.

StubHub raised $800 million in its long-anticipated debut on the New York Stock Exchange, an offering that faced repeated delays. The most recent postponement occurred in April when markets were unsettled following President Donald Trump’s announcement of broad tariff measures. The company resumed its IPO process in August after submitting an updated prospectus.

StubHub’s stock finished Thursday’s regular session at $18.82. Shares have since fallen roughly 20% compared with the IPO price of $23.50, reflecting investor caution as the company navigates the early phases of its public market journey.