We recently published 10 Stocks Left Behind Amid Wall Street Cheer. Live Nation Entertainment, Inc. is one of the worst-performing stocks on Wednesday.
Live Nation snapped a three-day winning streak on Wednesday, shedding 10.59 percent to close at $134.79 apiece after posting a weak profit in the third quarter of the year.
In an updated report, Live Nation Entertainment, Inc. said net income attributable to shareholders dropped by 4.6 percent to $431 million from $451.8 million in the same quarter last year, dragged by higher expenses during the period.
Revenues, on the other hand, increased by 11 percent to $8.5 billion from $7.65 billion year-on-year.
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Looking ahead, Live Nation Entertainment, Inc. remained upbeat about its outlook for next year, saying that it is “off to a strong start with a double-digit increase” from large-venue shows.
“At the same time, we’re continuing to invest in new venues to grow the market, create jobs, and give artists even more ways to reach fans, positioning Live Nation on a clear path for double-digit operating income and AOI growth this year and compounding at this growth level over the next several years,” said Live Nation Entertainment, Inc. President and CEO Michael Rapino said.
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This article is originally published at Insider Monkey.
