By Stephanie Lai
Shares of Live Nation Entertainment Inc. rose nearly 5% in after-hours trading to $119 after the entertainment company beat revenue expectations in the latest quarter and gave a rosy outlook for live events in 2022.
The Beverly Hills, Calif.-based company reported fourth-quarter revenue of $2.7 billion, compared with $237.3 million in the previous year. Analysts polled by FactSet expected $2.07 billion.
“With the strength in ticket sales, not surprisingly, we are seeing every leading indicator for 2022 up relative to 2019, reinforcing our confidence that we will have a record year in 2022 that sets us up for growth over the next several years,” the company said in prepared remarks.
As of mid-February, the company has sold 45 million tickets for shows in 2022, which is 45% higher than from this point in 2019. Revenues relating to brand partnership raised its operating income by 37% compared with the previous year.
The company also anticipates its acquisition of OCESA, a Mexican concert promoter, to help it grow in Latin America.
The company reported on Wednesday an operating loss of $124.5 million and an adjusted operating income of $160.3 million. The adjusted operating income in the previous year was $244.3 million.
In 2021, the company sold an estimated 282 million tickets compared with 119 million in 2020. Prices for platinum and other front-of-the-house tickets climbed due to a growth in demand, the company said.
Shares of Live Nation closed Wednesday at $113.40, down 3.1%, in the regular trading session. Shares are up roughly 25% over the last 12 months.
Write to Stephanie Lai at stephanie.lai@wsj.com
