Live Nation’s Profit FallsWednesday, August 8, 2012
The stock of Live Nation Entertainment Inc. rose 1 percent on Wednesday, even after announcing that its second-quarter net profit fell 42 percent.
The Beverly Hills concert promoter and artist management company blamed adverse currency exchange rates and a decline in artist management fees and sponsorships.
Net income was $7.7 million (4 cents a share), compared with $13.3 million (7 cents) in the same period a year earlier. Revenue fell almost 1 percent to less than $1.55 billion. The Wall Street consensus was for profit of 5 cents a share on revenue of $1.58 billion.