Live Nation Entertainment Inc. (LYV), the world’s biggest ticket seller and concert promoter, dropped the most in more than three months after fourth-quarter profit fell short of some analysts’ estimates.
Live Nation, based in Beverly Hills, California, declined 6.6 percent to $9.81 at 11:36 a.m. New York time after retreating as much as 10 percent to mark the biggest intraday drop since Nov. 4.
Adjusted operating income fell 11 percent to $50.7 million from $56.8 million a year earlier, the company said in a statement yesterday. That missed the $53.2 million estimate of John Tinker, an analyst at Maxim Group LLC in New York with a “buy” rating on the stock. Revenue slid 4.2 percent to $1.19 billion, exceeding his $1.11 billion projection.
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