Live Nation swung to a loss in its latest quarter as legal fees ate into profits, even as revenue climbed on strong demand for concerts. The entertainment giant posted a first-quarter loss of $389.1 million, compared with a profit of $23.2 million a year earlier. The company, which owns Ticketmaster, continues to face mounting legal expenses related to its ongoing antitrust battle with the Department of Justice.

Wall Street was caught off guard by the magnitude of the loss. Analysts had forecast a loss of just 35 cents per share, but Live Nation reported $1.85 per share, according to FactSet data. The steep miss underscores how legal costs are weighing heavily on the ticketing powerhouse's bottom line as it defends its market position against federal antitrust claims.

Despite the quarterly setback, the revenue growth signals resilient consumer appetite for live events. The company remains the dominant player in concert ticketing, though its legal troubles show no signs of abating.