The Beverly Hills-based company issued its third quarter earnings report Nov. 4, announcing positive operating income of $137 million, up year over year from a loss of $504.4 million in the third quarter of 2020. Pandemic shutdowns impacted many aspects of the company’s operations in 2020, resulting in revenue gains of $2.51 billion from the same period last year, indicating tremendous pent-up demand from concertgoers.
Following the report’s release, stock prices spiked to as much as $123.79 a share. But after nine people died and hundreds more were injured during a performance by Astroworld Festival headliner Travis Scott at the company’s NRG Park in Houston, Live Nation stock dropped to as low as $113.36 by 2 p.m. on Nov. 11.
Multiple lawsuits have been filed in connection with the tragedy, which occurred when attendees began to surge toward the stage, impeding both medical and security personnel.
Organizers canceled the second day of the two-day event, and Scott announced he would provide full refunds for all attendees.