StubHub stock sank Thursday after another unprofitable quarter proved that not even World Cup fever could fix its mounting costs and market share troubles.

The company posted a second-quarter loss attributable to common stockholders of $40,000, or breakeven on a per-share basis, compared with a loss of $75.9 million, or 25 cents a share, in the same quarter last year.

That may seem like an improvement. But the failure to turn a profit underwhelmed analysts, who were expecting the company to report earnings of 11 cents a share.

Shares plunged 14% to $7.35 on Thursday, putting them on pace for their largest same-day drop since November 2025, according to Dow Jones Market Data. The stock fell as much as 22% in premarket trading.

StubHub, which connects buyers with ticket resellers, made its trading debut in late 2025. Its initial public offering was priced at $23.50. Since then the stock has been on a steep decline, including a more than 60% drop this year alone, amid persistent profitability issues and regulatory pressures.

Shares briefly got a lift at the start of the year as analysts anticipated the 2026 FIFA World Cup would bring in big business for ticket sellers. First-quarter earnings showed both profit and revenue growth on the back of rising ticket demand, though any excitement around the shares was short-lived.

While revenue got a substantial lift from the World Cup in the second quarter, rising 33% to $573.1 million -- a "record" for the company, according to CEO Eric Baker -- the company's expenses outpaced those gains, surging 37%. Operating income fell 29% from last year.

Gross merchandise sales rose 34% to $3.1 billion, also on the back of the World Cup. The metric represents the total dollar value paid by buyers for ticket transactions and fulfillment.

Following the report, BofA Securities analyst Justin Post downgraded shares to Underperform from Neutral, marking the latest cut since launching coverage at Buy in late 2025.

The company's guidance indicates gross merchandise sales will slow in the second half of the year, with management targeting a range of $10.1 billion to $10.3 billion. This seems at odds with other industry narratives, Post pointed out, given that event promoters like Live Nation continue to report strong demand for upcoming concerts.

If primary event supply is solid, StubHub's outlook suggests it the company is losing market share or experiencing lower resale demand. Regulatory uncertainty is also giving BofA pause, particularly potential government action against secondary ticketing marketplaces.

StubHub agreed to a $10 million penalty and consumer refund program in April after the Federal Trade Commission accused the company of deceptive "drip pricing," or failing to display all-in upfront fees.

The company has separately ramped up its lobbying spending in recent months, particularly in California, to fight legislative proposals that could cap secondary ticket resale prices. StubHub reported nearly $2.6 million in general lobbying expenses between April and June, up sharply from $825,780 in the preceding three-month period.