Shares of Live Nation Entertainment (LYV) plummeted 5.61% on Tuesday following the release of the company's third-quarter earnings report, which fell short of analyst expectations. The live entertainment giant's financial results disappointed investors, leading to a significant sell-off in after-hours trading.

Live Nation reported third-quarter revenue of $8.5 billion, representing an 11% year-over-year increase. However, this figure missed the consensus estimate of $8.58 billion from analysts. More notably, the company's earnings per share (EPS) came in at $0.73, significantly below the FactSet estimate of $1.32.

Despite the earnings miss, Live Nation highlighted some positive aspects of its performance. Adjusted operating income rose 14% to $1.03 billion, driven by strong fan demand. The company also reported a record stadium show count, up 60% globally, which boosted its concert segment.

"Strong fan demand drove another record quarter, as we continue to attract more fans to more shows globally," said Chief Executive Michael Rapino in a statement. Looking ahead, Live Nation expressed optimism, anticipating double-digit growth in its 2026 large venue show pipeline and ticket sales.

However, the market's reaction suggests that investors are more focused on the company's ability to meet near-term growth expectations in the competitive live entertainment industry. The significant miss on EPS particularly seems to have shaken investor confidence, overshadowing the positive outlook provided by management.