LYV - Live Nation gains 4% as earnings show concert business roaring back
Live Nation Entertainment (NYSE:LYV) is rebounding from its down day postmarket, up 4.1% after an earnings report adding fuel to the narrative that the post-COVID concert business is roaring back to life. The company claimed its best first quarter ever, with Ticketmaster setting records, and it guided to a record 2022 ahead with crowds largely flocking back to live events. Revenues grew more than sixfold to $1.8 billion, fairly evenly spread across its various businesses. While concert losses were flat, thanks to a ticketing turnaround, operating income swung to a gain of $27.1 million from a year-ago loss of $303.2 million. Adjusted operating income was $209 million. "Artists are back on the road and fan demand has never been stronger, a reflection that live events remain a clear priority for consumers as our social lives restart," says President/CEO Michael Rapino. Revenue breakout: Concerts, $1.21 billion (up 405%); Ticketing, $480.4 million
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Live Nation gains 4% as earnings show concert business roaring back