Downtown Los Angeles investment manager Oaktree Capital Group reported third quarter earnings that missed estimates as it sold fewer holdings.
The company reported adjusted net income of $95.1 million (47 cents a share) for the quarter ended Sept. 30, compared to $179.6 million in the same quarter a year earlier. Revenue fell 23 percent, to $278.5 million.
Earnings, announced before markets opened, fell short of analysts’ expectations of 61 cents a share on revenue of $288 million. Oaktree shares fell $1.71, or about 4 percent, on Thursday to close at $46.50
Beverly Hills concert company Live Nation Entertainment Inc. reported net income of $105.2 million (49 cents a share) for the Sept. 30 quarter, up from $43.8 million in the same period a year earlier. Revenue rose 9 percent to $2.5 billion.
Earnings beat analysts’ expectations of 36 cents a share on revenue of $2.4 billion.
Earnings were announced after markets closed Thursday. Shares rose slightly, four tenths of a percent, in advance of the announcement.