Vivid Seats Inc.’s stock
SEAT,
jumped 4% early Tuesday, after the marketplace that links buyers with ticket sellers for thousands of events each year posted earnings and announced a deal to acquire a smaller rival. Chicago-based Vivid Seats said it’s acquiring Vegas.com, a marketplace for events in Las Vegas, in a cash-and-stock deal valued at about $240 million. “As the local market authority, Vegas.com provides the most comprehensive event inventory of shows, attractions, and tours in Las Vegas, one of the world’s most desirable destinations for leisure and business travel,” the company said in a statement. Separately, it reported third-quarter earnings showing revenue that beat estimates and raised guidance. The company had net income of $16 million in the quarter, down 15% from $18.7 million a year ago. It did not offer per-share numbers. Revenue rose 20% to $188.1 million from $156.8 million a year ago, well ahead of the $154 million FactSet consensus. Marketplace gross order value, or GOV, rose 28% to $998.9 million. “It has never been more clear that demand for live events is strong and that we are capturing that strength at Vivid Seats,” said Stan Chia, CEO, in a statement. The company raised its full-year guidance and now expects revenue of $685 million to $705 million, up from prior guidance of $630 million to $650 million. It expects GOV to $3.75 billion to $3.90 billion, up from prior guidance of $3.4 billion to $3.6 billion. The stock has fallen 14% in the year to date, while the S&P 500
SPX,
has gained 13.7%.
