<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/StubHub-logo-on-a-phone-screen.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/StubHub-logo-on-a-phone-screen.png"/></p>
<p>周四，StubHub（STUB）的股票大幅上涨，此次票务市场报告的第一季度收益超出预期，得益于票务需求的上升和盈利能力的改善，缓解了投资者在经历长期股价下跌后的担忧。</p>
<p>在交易过程中，股价一度上涨 21%，最近交易价格约为 9.64 美元，按此速度，股票有望创下历史上最大的单日百分比涨幅，依据道琼斯市场数据。</p>
<p>尽管出现反弹，StubHub 的股票年初至今仍下跌 36%，并且比 2025 年 9 月创下的 22 美元的历史收盘高点低约 60%。</p>
<p>此次收益报告标志着公司显著的转机，此前公司在最近几个季度中连续出现亏损。</p>
<h2>票务需求推动收益超预期</h2>
<p>StubHub 报告第一季度调整后每股收益为 6 美分，而去年同期为每股亏损 12 美分。</p>
<p>这一结果也超出了华尔街的预期，后者预计每股收益约为 1 到 2 美分。</p>
<p>收入同比增长 12%，达到 4.46 亿美元，超出分析师预期的约 4.25 亿美元，依据 FactSet 数据。</p>
<p>总商品销售额增长 7%，约为 22 亿美元，因现场活动（包括音乐会和体育赛事）的需求依然强劲。</p>
<p>公司第一季度的调整后 EBITDA 超过 7200 万美元。</p>
<p>StubHub 在报告前一年亏损后，首次实现正的净收入。</p>
<p>经营现金流和自由现金流几乎是去年同期的两倍，而公司在季度末的现金约为 15 亿美元。</p>
<p>管理层还继续降低杠杆，包括在 5 月进行的 1 亿美元债务偿还。</p>
<p>StubHub 重申了 2026 年的全年指引，预测总商品销售额在 99 亿美元到 101 亿美元之间，调整后 EBITDA 在 4 亿到 4.2 亿美元之间。</p>
<h2>分析师看到进展但保持谨慎</h2>
<p>在收益报告发布后，几家华尔街公司提高了对该股票的目标价，同时保持相对谨慎的评级。</p>
<p>摩根士丹利的分析师由 Cameron Mansson-Perrone 领导，将目标价从 8.25 美元上调至 8.75 美元，同时维持 “持平” 评级。</p>
<p>分析师表示，StubHub 的第一季度业绩 “代表了朝着” 实现公司 2026 年目标的进展。</p>
<p>摩根士丹利表示，其平衡的立场反映了 “需求的强劲和现场体验的整体增长前景，但也考虑到二级票务市场的竞争性质带来的谨慎。”</p>
<p>摩根大通也将 StubHub 股票的目标价从 10 美元上调至 11 美元，同时维持中性评级。</p>
<p>古根海姆将目标价从 7.50 美元上调至 8.50 美元，因为公司超出了该公司和共识对收入和 EBITDA 的预期。</p>
<p>公司还披露与联邦贸易委员会达成了 1000 万美元的和解。</p>
<p>根据 FactSet 的数据，StubHub 目前在华尔街分析师中获得平均超配评级，平均目标价为 12.85 美元，意味着从当前交易水平还有进一步上涨空间。</p>
<h2>世界杯和新举措带来乐观情绪</h2>
<p>分析师还指出了几个可能的催化剂，这些催化剂可能在未来一年内支持 StubHub 的业务。</p>
<p>摩根士丹利强调即将到来的国际足联世界杯可能会推动更广泛的二级票务行业。</p>
<p>“我们的世界杯研究表明，该事件可能为二级票务行业带来显著的顺风。” Mansson-Perrone 写道。</p>
<p>该公司估计，仅该赛事就可能使 StubHub 的总商品销售额提升 1.3% 至 9.1%。</p>
<p>除了重大体育赛事，StubHub 还在扩展新的商业举措，以支持未来的增长。</p>
<p>公司表示，正在追求一种开放的分销策略，旨在与权利持有者在票务发行方面更直接合作。</p>
<p>管理层还在开发一项广告业务，旨在为 StubHub 庞大的以活动为中心的消费者群体创造收入。</p>
<p>文章《StubHub 在意外盈利后反弹：转机终于来临了吗？》首发于 Invezz。</p>

STUB

<p>StubHub 的股票在报告出乎意料的第一季度业绩后上涨了 21%，调整后的每股收益为 6 美分，而去年同期则亏损 12 美分。收入增长了 12%，达到 4.46 亿美元，主要受票务需求上升的推动。尽管股价上涨，但年初至今股价仍下跌了 36%。分析师提高了目标价，但由于二级票务市场的竞争，仍然保持谨慎。即将到来的事件，如国际足联世界杯和新的商业举措，被视为潜在的增长催化剂</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/StubHub-logo-on-a-phone-screen.png" alt="" original-src="https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/StubHub-logo-on-a-phone-screen.png"/></p>
<p>Shares of StubHub (STUB) surged Thursday after the ticketing marketplace reported stronger-than-expected first-quarter earnings, fueled by rising ticket demand and improving profitability that helped ease investor concerns following a prolonged stock decline.</p>
<div class="lb-trans"><p>周四，StubHub（STUB）的股票大幅上涨，此次票务市场报告的第一季度收益超出预期，得益于票务需求的上升和盈利能力的改善，缓解了投资者在经历长期股价下跌后的担忧。</p>
</div><p>The stock jumped as much as 21% during the session and was recently trading around $9.64, putting shares on pace for their largest daily percentage gain on record, according to Dow Jones Market Data.</p>
<div class="lb-trans"><p>在交易过程中，股价一度上涨 21%，最近交易价格约为 9.64 美元，按此速度，股票有望创下历史上最大的单日百分比涨幅，依据道琼斯市场数据。</p>
</div><p>Despite the rally, StubHub shares remain down 36% year to date and roughly 60% below their record closing high of $22 reached in September 2025.</p>
<div class="lb-trans"><p>尽管出现反弹，StubHub 的股票年初至今仍下跌 36%，并且比 2025 年 9 月创下的 22 美元的历史收盘高点低约 60%。</p>
</div><p>The earnings report marked a significant turnaround for the company, which has posted a string of quarterly losses in recent periods.</p>
<div class="lb-trans"><p>此次收益报告标志着公司显著的转机，此前公司在最近几个季度中连续出现亏损。</p>
</div><h2>Ticket demand drives earnings beat</h2>
<div class="lb-trans"><h2>票务需求推动收益超预期</h2>
</div><p>StubHub reported adjusted earnings of 6 cents per share for the first quarter, compared with a loss of 12 cents per share a year earlier.</p>
<div class="lb-trans"><p>StubHub 报告第一季度调整后每股收益为 6 美分，而去年同期为每股亏损 12 美分。</p>
</div><p>The result also exceeded Wall Street expectations, which had called for earnings of about 1 to 2 cents per share.</p>
<div class="lb-trans"><p>这一结果也超出了华尔街的预期，后者预计每股收益约为 1 到 2 美分。</p>
</div><p>Revenue rose 12% year over year to $446 million, ahead of analyst expectations of roughly $425 million, according to FactSet.</p>
<div class="lb-trans"><p>收入同比增长 12%，达到 4.46 亿美元，超出分析师预期的约 4.25 亿美元，依据 FactSet 数据。</p>
</div><p>Gross merchandise sales increased 7% to approximately $2.2 billion as demand for live events, including concerts and sporting events, remained strong.</p>
<div class="lb-trans"><p>总商品销售额增长 7%，约为 22 亿美元，因现场活动（包括音乐会和体育赛事）的需求依然强劲。</p>
</div><p>The company’s adjusted EBITDA climbed to more than $72 million during the quarter.</p>
<div class="lb-trans"><p>公司第一季度的调整后 EBITDA 超过 7200 万美元。</p>
</div><p>StubHub also generated positive net income after reporting a loss in the prior-year period.</p>
<div class="lb-trans"><p>StubHub 在报告前一年亏损后，首次实现正的净收入。</p>
</div><p>Operating cash flow and free cash flow nearly doubled from a year earlier, while the company ended the quarter with approximately $1.5 billion in cash.</p>
<div class="lb-trans"><p>经营现金流和自由现金流几乎是去年同期的两倍，而公司在季度末的现金约为 15 亿美元。</p>
</div><p>Management additionally continued reducing leverage, including another $100 million debt payment made in May.</p>
<div class="lb-trans"><p>管理层还继续降低杠杆，包括在 5 月进行的 1 亿美元债务偿还。</p>
</div><p>StubHub reiterated its full-year 2026 guidance, forecasting gross merchandise sales between $9.9 billion and $10.1 billion and adjusted EBITDA between $400 million and $420 million.</p>
<div class="lb-trans"><p>StubHub 重申了 2026 年的全年指引，预测总商品销售额在 99 亿美元到 101 亿美元之间，调整后 EBITDA 在 4 亿到 4.2 亿美元之间。</p>
</div><h2>Analysts see progress but remain cautious</h2>
<div class="lb-trans"><h2>分析师看到进展但保持谨慎</h2>
</div><p>Following the earnings report, several Wall Street firms raised price targets on the stock while maintaining relatively cautious ratings.</p>
<div class="lb-trans"><p>在收益报告发布后，几家华尔街公司提高了对该股票的目标价，同时保持相对谨慎的评级。</p>
</div><p>Morgan Stanley analysts led by Cameron Mansson-Perrone raised their price target to $8.75 from $8.25 while maintaining an Equal Weight rating.</p>
<div class="lb-trans"><p>摩根士丹利的分析师由 Cameron Mansson-Perrone 领导，将目标价从 8.25 美元上调至 8.75 美元，同时维持 “持平” 评级。</p>
</div><p>The analysts said StubHub’s first-quarter results “represented progress toward” delivering on the company’s 2026 targets.</p>
<div class="lb-trans"><p>分析师表示，StubHub 的第一季度业绩 “代表了朝着” 实现公司 2026 年目标的进展。</p>
</div><p>Morgan Stanley said its balanced stance reflected “the strength of demand and overall growth outlook for live experiences, weighed against caution around the competitive nature of secondary ticketing.”</p>
<div class="lb-trans"><p>摩根士丹利表示，其平衡的立场反映了 “需求的强劲和现场体验的整体增长前景，但也考虑到二级票务市场的竞争性质带来的谨慎。”</p>
</div><p>J.P. Morgan also raised its price target on StubHub shares to $11 from $10 while maintaining a Neutral rating.</p>
<div class="lb-trans"><p>摩根大通也将 StubHub 股票的目标价从 10 美元上调至 11 美元，同时维持中性评级。</p>
</div><p>Guggenheim lifted its target price to $8.50 from $7.50 after the company exceeded both firm and consensus estimates for revenue and EBITDA.</p>
<div class="lb-trans"><p>古根海姆将目标价从 7.50 美元上调至 8.50 美元，因为公司超出了该公司和共识对收入和 EBITDA 的预期。</p>
</div><p>The company also disclosed that it settled with the Federal Trade Commission for $10 million.</p>
<div class="lb-trans"><p>公司还披露与联邦贸易委员会达成了 1000 万美元的和解。</p>
</div><p>According to FactSet data, StubHub currently holds an average Overweight rating from Wall Street analysts, with an average price target of $12.85, implying additional upside from current trading levels.</p>
<div class="lb-trans"><p>根据 FactSet 的数据，StubHub 目前在华尔街分析师中获得平均超配评级，平均目标价为 12.85 美元，意味着从当前交易水平还有进一步上涨空间。</p>
</div><h2>World Cup and new initiatives add optimism</h2>
<div class="lb-trans"><h2>世界杯和新举措带来乐观情绪</h2>
</div><p>Analysts also pointed to several potential catalysts that could support StubHub’s business over the coming year.</p>
<div class="lb-trans"><p>分析师还指出了几个可能的催化剂，这些催化剂可能在未来一年内支持 StubHub 的业务。</p>
</div><p>Morgan Stanley highlighted the upcoming FIFA World Cup as a possible boost for the broader secondary ticketing industry.</p>
<div class="lb-trans"><p>摩根士丹利强调即将到来的国际足联世界杯可能会推动更广泛的二级票务行业。</p>
</div><p>“Our World Cup work suggests that the event could prove a meaningful tailwind for the secondary ticketing industry,” Mansson-Perrone wrote.</p>
<div class="lb-trans"><p>“我们的世界杯研究表明，该事件可能为二级票务行业带来显著的顺风。” Mansson-Perrone 写道。</p>
</div><p>The firm estimates the tournament alone could lift StubHub’s gross merchandise sales by between 1.3% and 9.1%.</p>
<div class="lb-trans"><p>该公司估计，仅该赛事就可能使 StubHub 的总商品销售额提升 1.3% 至 9.1%。</p>
</div><p>Beyond major sporting events, StubHub is also expanding new business initiatives aimed at supporting future growth.</p>
<div class="lb-trans"><p>除了重大体育赛事，StubHub 还在扩展新的商业举措，以支持未来的增长。</p>
</div><p>The company said it is pursuing an open distribution strategy designed to work more directly with rights holders on ticket issuance.</p>
<div class="lb-trans"><p>公司表示，正在追求一种开放的分销策略，旨在与权利持有者在票务发行方面更直接合作。</p>
</div><p>Management is additionally developing an advertising business intended to monetize StubHub’s large audience of event-focused consumers.</p>
<div class="lb-trans"><p>管理层还在开发一项广告业务，旨在为 StubHub 庞大的以活动为中心的消费者群体创造收入。</p>
</div><p>The post StubHub rallies after surprise profit: is the turnaround finally here? appeared first on Invezz</p>
<div class="lb-trans"><p>文章《StubHub 在意外盈利后反弹：转机终于来临了吗？》首发于 Invezz。</p>
</div>

StubHub rallies after surprise profit: is the turnaround finally here?

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Stubhub - CL

摩根士丹利

摩根大通

辉盛研究系统

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

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MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

StubHub 在意外盈利后股价上涨：转机是否终于到来了？