Live Nation Entertainment delivered its fifth consecutive year of record revenue, profitability and free cash flow in 2015, but these overwhelmingly positive earnings figures were released on a “constant currency basis,” an approach which eliminates the volatility of exchange rate fluctuations. On a “generally accepted accounting principles” basis, or GAAP, Live Nation reported revenue of $7.24 billion, “which compares to our $7.08 billion estimate,” says analyst Rich Tullo, director of research at Albert Fried & Company. “Operating income [of] $131 million missed our estimate of $180 million, [which] might be an issue with foreign exchange. The company cites on-site advertising as its prime growth driver for the year, with growth in that division at 17 percent for the year.
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