Shares of Live Nation Entertainment Inc.
LYV,
jumped nearly 7% in the extended session Thursday after the company reported a narrower-than-expected adjusted loss for its first quarter and revenue that was well above Wall Street forecasts, saying that the quarterly beat reflected “incredible” demand for live concerts. Live Nation said it lost $3.17 million, or 25 cents a share, in the quarter, compared with a loss of $50 million, or 39 cents a share, in the year-ago quarter. Revenue rose 73% to $3.1 billion, the company said. FactSet consensus called for a loss of 46 cents a share on sales of $2.27 billion. The year “2023 is off to a tremendous start,” Live Nation said said in a statement. “For the first time in three years, all of our markets are fully open. The common theme we are seeing around the world is that live experiences are a high priority for fans.” Shares of Live Nation ended the regular trading day down 0.3%.
