Ticketing service Eventbrite will slash about 8% of its workforce, as it looks to cut costs ahead of a looming economic downturn.
Eventbrite has 881 fulltime employees, of which 508 are in the US and the rest in other locations.
Eventbrite is now planning to relocate almost a third (30%) of the remaining roles to countries including Spain and India, with nearly all of the customer support and operations roles to locations outside the US.
The company expects the whole process to be completed by the end of the year.
The announcement came as the company posted a net income of US$4 million for Q4 2022, compared to a loss of US$16.8 million for the same period in 2021.
“Our strong fourth quarter and full year financial results reflect great execution in enabling creator success and growth,” said Julia Hartz, Eventbrite’s CEO.
“As industry leaders, we will continue to innovate on marketing and demand generation capabilities that help creators share their unique content with a bigger audience of consumers.
“We’ve taken the difficult and important steps to restructure our business to accelerate toward a two-sided marketplace and our long-term financial targets.”