Core Viewpoint - StubHub Holdings, Inc. is facing potential legal claims due to allegations that its IPO registration statement was materially false and misleading, particularly regarding cash flow issues and vendor payment timing [1] Financial Performance - For Q3 2025, StubHub reported a free cash flow of negative $4.6 million, representing a 143% decrease from the positive $10.6 million reported in the same period the previous year [2] - The company's net cash provided by operating activities was $3.8 million, a 69.3% decrease from $12.4 million in the prior year [2] Stock Market Reaction - Following the disappointing financial results, StubHub's stock price dropped by $3.95 per share, or 20.9%, closing at $14.87 on November 14, 2025 [3] - The stock price further declined to as low as $10.31 per share, marking a nearly 56% drop from the IPO price of $23.50 per share [3]

Core Viewpoint - StubHub Holdings Inc. reported a wider-than-expected loss per share in its third-quarter earnings, leading to a significant decline in its stock price despite beating revenue expectations [1][3]. Financial Performance - The company reported a quarterly loss of $4.27 per share, which was worse than the analyst consensus estimate of $3.08 [1]. - Quarterly revenue reached $468 million, surpassing the consensus estimate of $451.8 million [2]. - Gross merchandise sales (GMS) totaled $2.4 billion, reflecting an 11% year-over-year increase. Excluding the impact of the Taylor Swift "Eras" Tour, GMS grew by 24% year-over-year [2]. Management Commentary - CEO Eric Baker highlighted the company's debut quarter as a public entity, emphasizing the strength and resilience of its global marketplace, double-digit GMS growth, market share expansion, and a strengthened balance sheet [2].