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Live Nation Earnings Report: Coronavirus Cancellations Lead to Considerable Q1 Loss
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The sudden cancellation of concerts and events in the last few weeks of March meant a 21% decline in revenues for Live Nation and a $172 million loss for the quarter, nearly seven times what the company posted for the same period last year.
According to the company’s first quarter earnings report, released Thursday (May 7), over the first three months of the year Live Nation posted an earnings per share of .94 cents with revenues of $1.4 billion and a $20.1 million adjusted operating loss.
The world’s largest concert promoter is feeling the impact of the global shutdown brought on by the spread of COVID-19. After offering refunds on thousands of rescheduled concerts, the company reports that 90% of fans are holding on to their tickets and
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