Live Nation Quarterly Loss Narrows
May 9, 2008 at 5:43 AM (PT)
LIVE NATION reported a smaller quarterly loss on THURSDAY as revenue rose, helped by acquisitions and increased ticket sales, reports REUTERS. The company, which is moving more directly into selling tickets and representing artists, said its first-quarter net loss was $35.4 million, or 47 cents per share, down from $45 million, or 69 cents per share, a year ago.
Revenue rose to $636.5 million from $520.3 million. The revenue beat WALL STREET forecasts, which averaged $568 million, according to REUTERS estimates.
LIVE NATION CEO MICHAEL RAPINO said ticket sales to date remain strong despite the economic slowdown, noting the first quarter represented a solid start to what LIVE NATION expects will be a very healthy year for concerts globally.