Ticketmaster Entertainment Inc.’s second-quarter profit plunged 70 percent, hurt by lower ticketing revenue particularly in its concert business.

The West Hollywood ticketing giant late Thursday reported net income of $6.9 million (12 cents a share), compared with $23 million (41 cents) a year ago.

Revenue fell 7 percent to $355 million. Ticketing revenue dropped 18 percent to less than $312 million, with an 11 percent fall in the number of tickets sold.

Ticketing revenue from the concerts category was a major factor, largely due to the end of the company’s main contract with Beverly Hills concert promoter Live Nation Inc. The two companies have now proposed to merge, but the deal faces stiff anti-trust scrutiny.

Excluding one-time items, the company earned 20 cents a share. Analysts surveyed by Thomson Reuters on average expected adjusted earnings of 24 cents a share on revenue of more than $396 million.

“We are making excellent progress in executing on our vision of enhancing the entertainment experience by providing better tools, information and services to ticket buyers,” Chief Executive Irving Azoff said in a statement. “Of course we’re moving forward on these initiatives during a tough economy and that creates its challenges, but our results show we are balancing these investments in our capabilities and services with good cost management.”

Shares were down 85 cents, or nearly 9 percent, to $8.92 on the Nasdaq.