Live Nation 2Q profit falls 61 percent, misses estimate

BEVERLY HILLS, Calif. – Live Nation Entertainment Inc. (LYV) on Thursday reported earnings that declined by 61 percent in its second quarter, and missed analysts' expectations.

The Beverly Hills, California-based company said profit declined to $22.9 million, or 11 cents per share, from $58.1 million, or 30 cents per share, in the same quarter a year earlier. The average per-share estimate of analysts surveyed by Zacks Investment Research was for earnings of 16 cents.

The ticket seller and concert promoter reported revenue of $1.67 billion compared with $1.68 billion in the same quarter a year ago, and beat Wall Street forecasts. Analysts expected $1.58 billion, according to Zacks.

Live Nation shares have risen $3.45, or 17 percent, to $23.21 since the beginning of the year. The stock has climbed $6.51, or 39 percent, in the last 12 months.

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This story was generated automatically by Automated Insights (http://automatedinsights.com/ap ) using data from Zacks Investment Research. Full LYV report: http://www.zacks.com/ap/LYV

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Keywords:Live Nation,Earnings Report