StubHub shares plunge over 10% after World Cup ticket disaster wipes out profits

StubHub's shares dropped more than 10% on Thursday after a disastrous partnership with the 2026 FIFA World Cup erased the company's quarterly profit. In its earnings release, the firm posted a loss attributable to common stockholders of $40,000, or less than a penny per share, while revenue climbed 33% to $573.1 million but expenses rose 37% as ticketing problems consumed margins. CEO Eric Baker said the tournament's bespoke FIFA app created an extra layer of difficulty in handling orders for 75 matches in 16 cities, leading to customers being denied entry after paying in advance.

Lawsuits in Manhattan federal court claim individuals spent thousands on tickets that were cancelled at the last minute, leaving them outside venues such as SoFi Stadium. The stock now trades nearly 60% below its September debut price of $23.50. StubHub maintains that most customers were unaffected, but the incident has sparked broader criticism of ticket resellers.