Why Live Nation Entertainment, Inc. Stock Jumped Today

Shares of Live Nation Entertainment (NYSE: LYV) jumped as much as 11.8% higher on Thursday morning, driven by a stellar second-quarter report. As of 10:50 a.m. EDT, the gains had moderated a still-impressive 8.5%.

The Ticketmaster parent's second-quarter sales rose 29% year over year, landing at $2.8 billion. GAAP earnings per share more than doubled from $0.13 to $0.29. Analysts would have settled for earnings of $0.19 per share on sales near $2.4 billion.

Live Nation sold 68 million concert tickets during the second quarter, a 21% increase over the year-ago period. At the same time, average revenues per ticket (including additional sales at the live event such as food, drink, and T-shirts) lifted from $0.30 to $0.33.

Source: Fool.com