Live Nation Stock Rises on Strong Earnings Report
"We expect 2016 to be another year of growth and record results for the company," said CEO Michael Rapino.
Shares of Live Nation surged more than 8 percent after the closing bell on Thursday when the concert and ticketing company reported quarterly earnings that surpassed the expectations of analysts, courtesy of revenue growth at three of its four segments.
The company said revenue for concerts jumped 26 percent in the second quarter to $1.6 billion, while ticketing was up 23 percent to $443 million and sponsorship and advertising was up 17 percent to $95 million.
Its Artist Nation management business posted a 1 percent decline in revenue to $86.7 million.
Live Nation reported net income of $37.7 million, up from $15.1 million a year earlier.
The company held 6,677 concerts during the quarter, up from 6,343 a year earlier, and it sold 40.2 million tickets, up from 36.8 million.
"We expect 2016 to be another year of growth and record results for the company," CEO Michael Rapino said Thursday.
Shares of Live Nation sunk 1 percent in regular trading on Thursday to $25.74, but they added nearly $3 during the after-hours session.