Live Nation Falls Short on Quarterly Profit
Live Nation Entertainment, the parent of Ticketmaster, reported mixed quarterly results on Thursday, with revenue of $1.66 billion exceeding the expectations of analysts but per-share earnings of 11 cents falling about 4 cents sort of projections.
Revenue was up 23 percent, but profit was 60 percent lower in the second quarter to $22.9 million, though executives said they expect concert attendance in the current quarter to set a record, as will attendance for all of 2014.
Wall Street reacted favorably to the report as the stock rose 2 percent in after-hours trading. During the regular session, though, shares fell 3 percent to $23.21.
The company's concert business posted a 2 percent decline in revenue to $1.17 billion, while Artist Nation, the artist management business, saw a hefty 21 percent drop to $79.2 million. The ticketing business, though, rose 10 percent to $371 million.
CEO Michael Rapino said that through July the company has sold more than 42 million tickets, up 3 percent year-over-year.
"As we have improved the ease by which fans can buy, transfer and sell their tickets, and with almost 60 percent of tickets in North America now able to enter a show with a mobile bar code, we expect this to continue driving mobile growth and further Ticketmaster's distinctive proposition for both fans and venues," Rapino said.