StubHub shares sank 7% in extended trading on Thursday after the company reported quarterly results for the first time since its initial public offering in September.

Here’s how the ticket vendor did in comparison with LSEG consensus:

• Loss per share: $4.27
• Revenue: $468.1 million vs. $452 million expected

Revenue increased 8% in its second quarter from $433.8 million a year earlier, the company said.

StubHub reported a net loss of $1.33 billion, or a loss of $4.27 per share, compared to a net loss of $45.9 million, or a loss of 15 cents per share, during the same period last year. StubHub said this reflects a one-time stock-based compensation charge of $1.4 billion stemming from its IPO.

Gross merchandise sales, which represent the total dollar value paid by ticket buyers, rose 11% year over year to $2.43 billion.

The company faced tough comparisons from a year earlier, when results were boosted by Taylor Swift’s massively popular Eras Tour. Excluding that impact, StubHub said GMS grew 24% year over year.

Founded in 2000, StubHub primarily generates revenue from connecting buyers with ticket resellers. It competes with Vivid Seats, which was taken public via a special purpose acquisition company in 2021; SeatGeek; and Ticketmaster parent Live Nation Entertainment.

“We are building a truly differentiated consumer product that improves the experience for fans while unlocking better economics for venues, teams, and artists through open distribution,” StubHub CEO and founder Eric Baker said in a statement. “We’re early in that journey, but our progress so far gives us great confidence in our strategy and the long-term value we’re creating.”

StubHub raised $800 million in its long-awaited IPO on the New York Stock Exchange, which came after it delayed its debut twice. The most recent stall came in April after President Donald Trump’s announcement of sweeping tariffs roiled markets. The company restarted the process to go public in August when it filed an updated prospectus.

On Thursday, the company’s stock closed at $18.82. Shares are now down roughly 20% from the IPO price of $23.50.