Live Nation Jumps as Profit Beats Estimates on ConcertsCliff Edwards
Live Nation Entertainment Inc., the largest concert promoter and ticket seller, jumped in extended trading after reporting second-quarter profit that beat analysts’ estimates on increased concert sales.
The shares rose 6.2 percent to $17.33 at 4:55 p.m. New York time, after slipping 1.9 percent to $16.32 at the close.
Adjusted operating income rose 9.5 percent to $159.9 million, from a year earlier, the Beverly Hills, California-based company said in a statement today. Analysts on average had estimated $146.8 million, according to data compiled by Bloomberg.
The company has sought to boost revenue and extract more profit from its ticketing division as well as minimizing loss-making concerts. Revenue from concerts rose 11 percent while ticketing sales rose 2.7 percent.
Net income for the quarter ended in June rose to $58.1 million, or 30 cents a share, from $7.69 million, or 4 cents, a year earlier. Revenue rose to $1.68 billion from $1.55 billion, ahead of the $1.63 billion average estimate of analysts.