Shares of Live Nation Entertainment Inc. gave up after-hours gains Thursday after the concert-venue and ticketing giant reported second-quarter results that beat estimates and forecast “record” results for 2023, with more gains ahead next year. Live Nation
which owns Ticketmaster and controls a large swath of the concert industry, reported net income of $331.3 million, or $1.02 a share, compared with $228.4 million, or 66 cents a share, in the same quarter last year. Revenue rose 27% to $5.63 billion, compared with $4.43 billion in the prior-year quarter.
Analysts polled by FactSet expected Live Nation to earn 65 cents a share, on sales of $4.95 billion. After initially gaining about 2% after hours Thursday, shares retreated and ended the extended session down 0.8%. Executives said that more than 117 million tickets were sold so far this year, up 20% from last year. They also said they expected “record” Ticketmaster sales for 2023, and that the company was on track to manage 600 million tickets for the year. “Live music is bigger than ever, with global demand driving the industry to record levels,” Live Nation Chief Executive Michael Rapino said in a statement. “There’s a more diverse pipeline of artists breaking from all corners of the world, and at the same time tours ar …