Live Nation Reports Q1 Loss

Live Nation Entertainment reported a loss of $33 million in its first quarter, yet exceeded Wall Street expectations as it released 2017 first-quarter financial results after the New York Stock Exchange closed May 4.

On a per-share basis, the company said it had a loss of 22 cents. But the average estimate of eight analysts surveyed by Zacks Investment Research was for a loss of 33 cents per share.

– Live Nation

Live Nation’s revenue rose 17 percent to $1.41 billion in the period, which also beat Street forecasts. Zacks-surveyed analysts expected the company to post revenue of $1.27 billion. Operating and adjusted operating income each grew in the double digits.

Live Nation shares have risen 20 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $31.92, a climb of 42 percent in the last 12 months.

In other reporting highlights, Live Nation also reports it has sold 46 million concert tickets through April, up 25 percent. And, in a post-release earnings call, it was revealed that the company has rolled its Artists Nation management division into its Concerts category.

A new initiative, Live Nation’s “Verified Fan” program, was rolled out in the quarter and launched with Ed Sheeran’s tour. It has now been employed more than 30 tours including Depeche Mode, Twenty One Pilots and Harry Styles.