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Live Nation Entertainment LYV.N , a subsidiary of Ticketmaster, beat Wall Street estimates for third-quarter profit on Monday, thanks to cost containment, sending its shares up 5.1% in the extension of exchanges.
The Beverly Hills, Calif.-based company benefits from high concert ticket prices, although some customers spend cautiously because of high interest rates.
“We have completed our busiest summer concert season, our show pipeline has never been stronger and brand sponsorships are accelerating,” said Michael Rapino, the company's chief executive officer.
In May, the U.S. Department of Justice and more than two dozen states filed a lawsuit to break up Live Nation, arguing that the major concert promoter and its Ticketmaster unit were illegally inflating concert ticket prices and harming artists.
Live Nation reported earnings per share of $1.66, beating analysts' average estimate of $1.59, according to data compiled by LSEG.
Revenue fell about 6% to $7.65 billion for the quarter ended Sept. 30, below estimates of $7.75 billion. The company recorded its first revenue decline since 2021.
Operating expenses for the quarter fell to $5.78 billion from $6.30 billion a year earlier.
The company's concert business, which includes merchandise sales and production of live music events, generated $6.58 billion, accounting for the majority of its overall revenue, followed by $693.7 million dollars from ticket sales.
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