Two notable mid-cap entertainment companies reported quarterly earnings Thursday, but only one ? Live Nation -- impressed Wall Street enough to drive its stock higher, while investors yawned at the results posted by National CineMedia.
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Although Live Nation still lost money, it was only $49 million in its first fiscal quarter compared with a loss of $122 million a year ago. Revenue rose 17 percent to $849 million a year ago.
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Live Nation said it sold 17 million concert tickets in the quarter, up 13 percent, and 7.5 million tickets to sporting events, up 17 percent.
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While the company earned money from ticketing, eCommerce and sponsorships, it wasn?t enough to offset losses in its concerts and Artist Nation busineses.
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Meanwhile, National CineMedia said the loss of military advertising hurt its business, causing it to record a $1 million loss in its fiscal first quarter compared with a $1.2 million profit last year. Revenue fell 16 percent to $71 million.
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Not only did sales of in-theater advertising suffer during the quarter, but also sales at its special events unit, Fathom Events, though that?s a much smaller business for National CineMedia.
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Shares of National CineMedia fell 2 percent during the regular session to $17.19 and were unchanged in the after-hours session. Shares of Live Nation rose fractionally in regular trading to $10.87 and were up as much as 5 percent after the closing bell.
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