LYV Live Nation Entertainment Inc

Live Nation Entertainment Inc. on Thursday reported better-than-expected quarterly profit and sales as the concert promoter held more events and sold more tickets than the year-ago period.

In the second quarter, Live Nation said, the number of events increased 5.3%, to 6,677, with number of tickets sold climbing 9.3%, to 40.2 million.

Revenue in the concerts segment jumped 26%, to $1.6 billion, while ticketing rose 23%, to $443.3 million. Sponsorship and advertising posted a 17% climb, to $95.2 million, while the Artist Nation segment's revenue retreated 1%, to $86.7 million.

Analysts with Albert Fried & Co. said that Live Nation "benefits from the demand by recording companies and artists to go on tour as a solution to thwart streaming revenue losses."

They did warn however that international growth has been a boost to the company's results, and a "global economic slowdown" could stymie growth.

Shares of the company, down about 1% for the past year, rose 4.9% to $27 in after-hours trading.

Over all, Live Nation Entertainment reported a profit of $37.7 million, or 13 cents a share, compared with $15.1 million, or 6 cents a year earlier.

Revenue rose 23%, to $2.2 billion

Analysts surveyed by Thomson Reuters had projected, on average, a profit of 8 cents a share on $1.9 billion in revenue.

Live Nation merged with Ticketmaster in 2010 and acquired promoter and festival operator Hard Events in 2012. In 2014, Live Nation bought a controlling stake in C3 Presents, the Texas-based promoter of festivals such as Lollapalooza and Austin City Limits.

Write to Ezequiel Minaya at ezequiel.minaya@wsj.com

(END) Dow Jones Newswires

July 28, 2016 18:05 ET (22:05 GMT)

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