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Dow Jones Newswires: As concerts return, Live Nation sales explode higher and profit returns – Vested Daily

Dow Jones Newswires: As concerts return, Live Nation sales explode higher and profit returns

November 4, 2021

Live Nation Entertainment Inc. said sales surged in the latest quarter, as strong pent-up demand led to higher ticket pricing and on-site spending as live events returned.

The entertainment company behind Ticketmaster and Live Nation Concerts said profit was $46.9 million for the third quarter, swinging from a loss of $528.9 million in the year-earlier period. Earnings were 19 cents a share, compared with a $2.45-a-share loss a year ago.

Revenue climbed to $2.7 billion from $184 million a year earlier, reflecting a period when live events were limited due to concerns over the spread of Covid-19. Analysts expected $1.92 billion in revenue, per a FactSet poll.

Live Nation
LYV,
+2.13%
said the average amphitheater and major festival prestige grew by the double-digits over last year.