Shares of ticketing marketplace Vivid Seats (NASDAQ:SEAT) are extending the week’s losses in the pre-market session today after the company’s fourth-quarter numbers failed to impress investors.
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Revenue remained relatively flat at ~$165 million and came in ahead of expectations by $10.47 million. Adjusted EBITDA rose 22% year-over-year to $33.7 million.
During the quarter, marketplace GOV (gross order value) stood at $846 million. This was a 3% decline from a year ago period. Further, the company expects muted industry growth for 2023.
For 2023, SEAT expects marketplace GOV to hover between $3 billion and $3.3 billion. The top line is anticipated between $580 million and $610 million. Adjusted EBITDA is seen landing between $110 million and $115 million.
Overall, Wall Street has a consensus price target of $8 on SEAT, implying a 19.76% potential upside in the stock. That’s after a 10% slide in the share price over the past five sessions alone.
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