Live Nation Entertainment reported its third-quarter 2024 financial results on November 11, 2024, with revenue reaching $7.65 billion, a 6% decrease year-over-year, missing Wall Street estimates. Despite the revenue dip, the company posted an operating income of $639.5 million, a 2% decrease from the prior year.
Adjusted Operating Income (AOI) for the quarter increased by 4% year-over-year to $909.8 million, indicating efficient cost management. The Concerts segment revenue was $6.58 billion, down 6%, while Ticketing revenue decreased by 17% to $693.7 million. Sponsorship & Advertising revenue, however, grew by 6% to $390.3 million.
The company's earnings per share (EPS) of $1.66 beat analysts' consensus estimates. Management expressed confidence in the outlook, stating they are pacing toward double-digit AOI growth for the full year 2024 and anticipate a strong pipeline for 2025, including a larger lineup of stadium shows.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.