LYV - 3 Big Takeaways From Live Nation Entertainment's Third Quarter
Ticketmaster parent Live Nation Entertainment (NYSE: LYV) reported third-quarter earnings Thursday night. The company fell short of Wall Street's projections for earnings and revenue, sending share prices as much as 8% lower in Friday's trading session.
Did that sharp sell-off make Live Nation an attractive buy today, or was there something structurally wrong with this report? Let's take a look at three key details.
Live Nation's total third-quarter sales fell 2% year over year, landing at $3.77 billion. That decline includes 4% lower concert revenue balanced against 5% higher ticketing sales and a 26% boost to sponsorship and advertising sales. Small changes to the bread-and-butter concerts division, which accounted for 84% of total sales in this period, can move the company's headline needles as much as far larger changes to the two smaller segments.