Live Nation Reverses Loss as Concert Attendance Grows in the U.S.
The company's stock, down 21 percent in the last week, makes up some ground in after-hours trading.
Live Nation reversed a loss in the second quarter as U.S. audiences attended more concerts and spent more money for parking, food and other peripherals.
The company’s financial report came after the closing bell Monday and had the stock rising 14 percent in the after-hours session. A small victory, though, considering shares of Live Nation have been hammered with the rest of the market in the past several days.
Live Nation shares were down 6 percent on Monday to $8.78 and have fallen 21 percent in the past week.
The company said net income rose to $13 million compared with a $33 million loss a year ago. Revenue rose 23 percent to $1.6 billion, exceeding the expectations of analysts.
Live Nation put on 4,243 concerts in the U.S. during the quarter, up 16 percent, and attendance grew 13 percent to 9 million. The average concertgoer spent $19.21, up 3 percent year over year. Strength domestically offset declines internationally.
Worldwide, the company sold 17.7 million concert tickets, 6.5 million tickets to sporting contests, 4.3 million to arts and theater events and 2.9 million to family shows.
Every category, including “other,” was higher for Live Nation ticket sales, except for arts and theater.