Live Nation Sees 6 Percent Uptick in Concert Attendance

5:13 PM PST 08/07/2012 by Paul Bond

The live-events company narrowly misses quarterly earnings expectations.

Live Nation Entertainment posted second-quarter financial results that slightly missed the expectations of analysts, though investors didn't seem to mind and the stock was unchanged after the closing bell.

Live Nation said Tuesday its net income fell 42 percent to $7.7 million on revenue that was nearly flat at $1.55 billion. Analysts, though, expected about $1.58 billion.

Stage to Screen: A Brief History of Contemporary Concert Movies

Shares of Live Nation climbed 23 cents on Tuesday to $9.13.

Live Nation CEO Michael Rapino said he was "very pleased" with the quarter, and he boasted of a 6 percent increase in global concert attendance.

"Ticketmaster is showing similar strength, with the global ticketing business growing year-over-year with a 6 percent increase in ticket sales," Rapino said.

The company said it hosted about 5,675 concerts worldwide during the quarter, down from 5,739 a year ago. Attendance, though, rose to 13.8 million from 13 million last year.

comments powered by Disqus