<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>週四，StubHub（STUB）的股票大幅上漲，此次票務市場報告的第一季度收益超出預期，得益於票務需求的上升和盈利能力的改善，緩解了投資者在經歷長期股價下跌後的擔憂。</p>
<p>在交易過程中，股價一度上漲 21%，最近交易價格約為 9.64 美元，按此速度，股票有望創下歷史上最大的單日百分比漲幅，依據道瓊斯市場數據。</p>
<p>儘管出現反彈，StubHub 的股票年初至今仍下跌 36%，並且比 2025 年 9 月創下的 22 美元的歷史收盤高點低約 60%。</p>
<p>此次收益報告標誌着公司顯著的轉機，此前公司在最近幾個季度中連續出現虧損。</p>
<h2>票務需求推動收益超預期</h2>
<p>StubHub 報告第一季度調整後每股收益為 6 美分，而去年同期為每股虧損 12 美分。</p>
<p>這一結果也超出了華爾街的預期，後者預計每股收益約為 1 到 2 美分。</p>
<p>收入同比增長 12%，達到 4.46 億美元，超出分析師預期的約 4.25 億美元，依據 FactSet 數據。</p>
<p>總商品銷售額增長 7%，約為 22 億美元，因現場活動（包括音樂會和體育賽事）的需求依然強勁。</p>
<p>公司第一季度的調整後 EBITDA 超過 7200 萬美元。</p>
<p>StubHub 在報告前一年虧損後，首次實現正的淨收入。</p>
<p>經營現金流和自由現金流幾乎是去年同期的兩倍，而公司在季度末的現金約為 15 億美元。</p>
<p>管理層還繼續降低槓桿，包括在 5 月進行的 1 億美元債務償還。</p>
<p>StubHub 重申了 2026 年的全年指引，預測總商品銷售額在 99 億美元到 101 億美元之間，調整後 EBITDA 在 4 億到 4.2 億美元之間。</p>
<h2>分析師看到進展但保持謹慎</h2>
<p>在收益報告發布後，幾家華爾街公司提高了對該股票的目標價，同時保持相對謹慎的評級。</p>
<p>摩根士丹利的分析師由 Cameron Mansson-Perrone 領導，將目標價從 8.25 美元上調至 8.75 美元，同時維持 “持平” 評級。</p>
<p>分析師表示，StubHub 的第一季度業績 “代表了朝着” 實現公司 2026 年目標的進展。</p>
<p>摩根士丹利表示，其平衡的立場反映了 “需求的強勁和現場體驗的整體增長前景，但也考慮到二級票務市場的競爭性質帶來的謹慎。”</p>
<p>摩根大通也將 StubHub 股票的目標價從 10 美元上調至 11 美元，同時維持中性評級。</p>
<p>古根海姆將目標價從 7.50 美元上調至 8.50 美元，因為公司超出了該公司和共識對收入和 EBITDA 的預期。</p>
<p>公司還披露與聯邦貿易委員會達成了 1000 萬美元的和解。</p>
<p>根據 FactSet 的數據，StubHub 目前在華爾街分析師中獲得平均超配評級，平均目標價為 12.85 美元，意味着從當前交易水平還有進一步上漲空間。</p>
<h2>世界盃和新舉措帶來樂觀情緒</h2>
<p>分析師還指出了幾個可能的催化劑，這些催化劑可能在未來一年內支持 StubHub 的業務。</p>
<p>摩根士丹利強調即將到來的國際足聯世界盃可能會推動更廣泛的二級票務行業。</p>
<p>“我們的世界盃研究表明，該事件可能為二級票務行業帶來顯著的順風。” Mansson-Perrone 寫道。</p>
<p>該公司估計，僅該賽事就可能使 StubHub 的總商品銷售額提升 1.3% 至 9.1%。</p>
<p>除了重大體育賽事，StubHub 還在擴展新的商業舉措，以支持未來的增長。</p>
<p>公司表示，正在追求一種開放的分銷策略，旨在與權利持有者在票務發行方面更直接合作。</p>
<p>管理層還在開發一項廣告業務，旨在為 StubHub 龐大的以活動為中心的消費者羣體創造收入。</p>
<p>文章《StubHub 在意外盈利後反彈：轉機終於來臨了嗎？》首發於 Invezz。</p>

STUB

<p>StubHub 的股票在報告出乎意料的第一季度業績後上漲了 21%，調整後的每股收益為 6 美分，而去年同期則虧損 12 美分。收入增長了 12%，達到 4.46 億美元，主要受票務需求上升的推動。儘管股價上漲，但年初至今股價仍下跌了 36%。分析師提高了目標價，但由於二級票務市場的競爭，仍然保持謹慎。即將到來的事件，如國際足聯世界盃和新的商業舉措，被視為潛在的增長催化劑</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>週四，StubHub（STUB）的股票大幅上漲，此次票務市場報告的第一季度收益超出預期，得益於票務需求的上升和盈利能力的改善，緩解了投資者在經歷長期股價下跌後的擔憂。</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>在交易過程中，股價一度上漲 21%，最近交易價格約為 9.64 美元，按此速度，股票有望創下歷史上最大的單日百分比漲幅，依據道瓊斯市場數據。</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>儘管出現反彈，StubHub 的股票年初至今仍下跌 36%，並且比 2025 年 9 月創下的 22 美元的歷史收盤高點低約 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>此次收益報告標誌着公司顯著的轉機，此前公司在最近幾個季度中連續出現虧損。</p>
</div><h2>Ticket demand drives earnings beat</h2>
<div class="lb-trans"><h2>票務需求推動收益超預期</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 報告第一季度調整後每股收益為 6 美分，而去年同期為每股虧損 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>這一結果也超出了華爾街的預期，後者預計每股收益約為 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>收入同比增長 12%，達到 4.46 億美元，超出分析師預期的約 4.25 億美元，依據 FactSet 數據。</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>總商品銷售額增長 7%，約為 22 億美元，因現場活動（包括音樂會和體育賽事）的需求依然強勁。</p>
</div><p>The company’s adjusted EBITDA climbed to more than $72 million during the quarter.</p>
<div class="lb-trans"><p>公司第一季度的調整後 EBITDA 超過 7200 萬美元。</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 在報告前一年虧損後，首次實現正的淨收入。</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>經營現金流和自由現金流幾乎是去年同期的兩倍，而公司在季度末的現金約為 15 億美元。</p>
</div><p>Management additionally continued reducing leverage, including another $100 million debt payment made in May.</p>
<div class="lb-trans"><p>管理層還繼續降低槓桿，包括在 5 月進行的 1 億美元債務償還。</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，預測總商品銷售額在 99 億美元到 101 億美元之間，調整後 EBITDA 在 4 億到 4.2 億美元之間。</p>
</div><h2>Analysts see progress but remain cautious</h2>
<div class="lb-trans"><h2>分析師看到進展但保持謹慎</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>在收益報告發布後，幾家華爾街公司提高了對該股票的目標價，同時保持相對謹慎的評級。</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>摩根士丹利的分析師由 Cameron Mansson-Perrone 領導，將目標價從 8.25 美元上調至 8.75 美元，同時維持 “持平” 評級。</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>分析師表示，StubHub 的第一季度業績 “代表了朝着” 實現公司 2026 年目標的進展。</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，其平衡的立場反映了 “需求的強勁和現場體驗的整體增長前景，但也考慮到二級票務市場的競爭性質帶來的謹慎。”</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>摩根大通也將 StubHub 股票的目標價從 10 美元上調至 11 美元，同時維持中性評級。</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>古根海姆將目標價從 7.50 美元上調至 8.50 美元，因為公司超出了該公司和共識對收入和 EBITDA 的預期。</p>
</div><p>The company also disclosed that it settled with the Federal Trade Commission for $10 million.</p>
<div class="lb-trans"><p>公司還披露與聯邦貿易委員會達成了 1000 萬美元的和解。</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>根據 FactSet 的數據，StubHub 目前在華爾街分析師中獲得平均超配評級，平均目標價為 12.85 美元，意味着從當前交易水平還有進一步上漲空間。</p>
</div><h2>World Cup and new initiatives add optimism</h2>
<div class="lb-trans"><h2>世界盃和新舉措帶來樂觀情緒</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>分析師還指出了幾個可能的催化劑，這些催化劑可能在未來一年內支持 StubHub 的業務。</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>摩根士丹利強調即將到來的國際足聯世界盃可能會推動更廣泛的二級票務行業。</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>“我們的世界盃研究表明，該事件可能為二級票務行業帶來顯著的順風。” Mansson-Perrone 寫道。</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>該公司估計，僅該賽事就可能使 StubHub 的總商品銷售額提升 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>除了重大體育賽事，StubHub 還在擴展新的商業舉措，以支持未來的增長。</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，正在追求一種開放的分銷策略，旨在與權利持有者在票務發行方面更直接合作。</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>管理層還在開發一項廣告業務，旨在為 StubHub 龐大的以活動為中心的消費者羣體創造收入。</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 在意外盈利後反彈：轉機終於來臨了嗎？》首發於 Invezz。</p>
</div>

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

invezz

Stubhub - CL

摩根士丹利

摩根大通

輝盛研究系統

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

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

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 在意外盈利後股價上漲：轉機是否終於到來了？