U.S. equity markets are exhibiting a mixed performance in afternoon trading on Wednesday, September 17, 2025, as investors remain in a holding pattern ahead of the highly anticipated interest rate decision from the Federal Reserve. The central bank's announcement, expected later this afternoon, is widely forecast to deliver the first rate cut of the year, a move that has been priced into the market for weeks. This cautious sentiment is shaping trading activity across major indexes and individual stocks, wit ...

Core Viewpoint - Vivid Seats Inc. is implementing a $25 million cost reduction program to enhance long-term efficiency and adapt to current market challenges, while maintaining a positive outlook on the live events industry as a long-term opportunity [2][3]. Financial Performance - For Q2 2025, Vivid Seats reported a Marketplace Gross Order Value (GOV) of $685.5 million, a decrease of 31% from $998.1 million in Q2 2024 [6]. - Revenues for Q2 2025 were $143.6 million, down 28% from $198.3 million in Q2 2024 [6]. - The company experienced a net loss of $263.3 million in Q2 2025, compared to a net loss of $1.2 million in Q2 2024 [6]. - Adjusted EBITDA for Q2 2025 was $14.4 million, down from $44.2 million in Q2 2024 [6]. Operational Metrics - Marketplace orders totaled 2,173 in Q2 2025, down from 3,097 in Q2 2024 [5]. - Resale orders were 97 in Q2 2025, slightly down from 101 in Q2 2024 [5]. - The company faced 47,845 event cancellations in Q2 2025, compared to 52,392 in Q2 2024 [8]. Cost Reduction Strategy - The $25 million cost reduction program aims to right-size the organization and improve efficiency, with full implementation expected by the end of 2025 [2][3]. - A portion of the savings will be reinvested to stabilize revenue streams as the company looks towards 2026 and beyond [3]. Market Outlook - Despite current pressures on consumer spending and competitive intensity, the company views the live events sector as a durable long-term opportunity [2]. - The company anticipates positive cash flow in Q3 2025, driven by seasonal improvements and a belief that June's industry volume softness was atypical [3]. Stock Activity - A 1-for-20 reverse stock split of Class A and Class B common stock was approved, effective August 6, 2025, to enhance stock performance [10]. Company Overview - Vivid Seats, founded in 2001, is a leading online ticket marketplace focused on connecting fans with live events, offering a wide selection of tickets and a rewards program [12].