Concert promoter Live Nation Entertainment Inc. said Wednesday that its first-quarter net loss expanded even as revenue ticked higher, as it did not repeat an income tax windfall from a year ago.
The net loss in the three months to March 31 grew to $69.2 million, or 37 cents per share, compared to a net loss of $48.5 million, or 27 cents per share, a year ago.
The loss smaller than the loss of 44 cents expected by analysts polled by FactSet.
Revenue grew 2 percent to $868 million from $849.4 million a year ago. That beat the $867 million analysts were looking for.
Shares rose 49 cents, or 5.9 percent, to $8.80 in extended trading after the results were released. Shares are still down 28 percent from their highest close in the last 52 weeks of $12.26, reached last July.
Revenue at Live Nation's core business of promoting concerts was flat at $449 million. The unit pared its operating loss to $55 million from $65 million.
Ticket sales fee revenue grew 3 percent to $327 million, but operating profit declined to $32 million from $45 million. Revenue from its artist management business grew 14 percent to $61 million as it pared operating losses to $15 million from $43 million.
Sponsorship revenue grew 9 percent to $36 million, with an operating profit of $21 million, up from $18 million a year ago.
The volume of tickets it sold to all events in the quarter rose 6 percent to 36.7 million.