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Live Nation Entertainment
‘s latest financial results surpassed Wall Street expectations, illustrating consumers’ continued demand for live entertainment.
Share of the Ticketmaster parent jumped 4.2% after the market closed Thursday to $85.98. Through Thursday’s close, the stock has climbed 18% in 2023.
Live Nation
(ticker: LYV) reported third-quarter earnings of $1.78 a share on revenue of $8.2 billion after the close Thursday. Analysts surveyed by FactSet were expecting the company to report per-share earnings of $1.26 a share on revenue of $6.99 billion.
In the same period last year,
Live Nation
reported earnings of $1.39 a share on revenue of $6.15 billion.
“Today we delivered our strongest quarter ever and are on pace for a record 2023, driven in good part by the acceleration of structural growth in the live entertainment industry,” Chief Executive Michael Rapino said in the earnings release.
The company’s strong quarterly results were positively impacted by the shift of consumer spending habits toward experiences, Rapino added. The demand comes despite historically hot inflation pinching people’s pockets, as shelter, energy, and food costs remain elevated.
Write to Angela Palumbo at [email protected]
Read the full article here
