LYV - Live Nation Entertainment jumps 14% on strong outlook
Live Nation Entertainment (LYV +14%) as all business segments returned to positive operating income and adjusted operating income resulting in company-wide operating income of $137M and adjusted operating income of $306M. The company easily topped estimates beating EPS by 23 cents and revenue by $580M. Revenue breakdown: Concerts $2.15B, Ticketing $374M, Sponsorhip and Advertising $174.4M. Ticketmaster delivered its highest operating income and AOI quarter ever at $114M and $172M, respectively. Q3 was fourth highest fee-bearing GTV quarter ever excluding refunds, led by sports leagues restarting and concert on-sales for 2022 ramping up. Fan demand led to double-digit growth in pricing and on-site spending. In addition to increased attendance, strong demand also enabled improved pricing, with average amphitheater and major festival pricing up double-digits versus 2019. For shows, fans spent at record levels, with on-site spending per fan up over 20% in amphitheaters and festivals compared to 2019. Sponsorship commitments for 2022 Are
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Live Nation Entertainment jumps 14% on strong outlook