Live Nation Entertainment Inc (NYSE:LYV) shares are trading higher in Thursday’s after-hours session after the company reported strong first-quarter results and highlighted unprecedented demand.
What Happened: Live Nation said first-quarter revenue increased 73% year-over-year to $3.13 billion, which easily beat consensus estimates of $2.28 billion. The company reported a quarterly loss of 25 cents per share.
Operating cash flow climbed to $1.2 billion, driving adjusted free cash flow of $190 million.
Live Nation said year-to-date trends are pointing to a record-setting 2023. The company said it has already sold about 90 million tickets this year, up approximately 20% year-over-year.
“What is clear as we look at our results and operating metrics is that global demand for live events continues to reach new heights – demand has been growing for a long time and is showing no signs of letting up,” said Michael Rapino, president and CEO of Live Nation.
“As we then look to 2024 and beyond, we have all the necessary levers to build our flywheel globally and continue to compound AOI by double-digits for the foreseeable future.”
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LYV Price Action: Live Nation shares were up 6.63% after hours at $71.51 at the time of writing, according to Benzinga Pro.
Photo: Pexels from Pixabay.
