Features
Live Nation 3Q Down On Lousy Summer Concert Sales
Live Nation Entertainment Inc. says its third-quarter net income fell after a dismal summer concert season.
The concert promoter that merged with Ticketmaster this year said Thursday that net income fell to $51.4 million, or 30 cents per share, from $69.2 million, or 78 cents per share, a year earlier.
Revenue rose 2 percent to $1.84 billion from $1.79 billion a year ago.
The results showed the impact of heavy discounting in the summer months. The company said it was taking steps to cut costs next year.
Analysts surveyed by Thomson Reuters expected earnings of 36 cents per share on revenue of $1.93 billion.
Shares rose 13 cents, or 1.3 percent, to close at $9.81 before the earnings results were released.
Click here to see Live Nation’s 3Q announcement.