Sphere Entertainment Co (NYSE:SPHR) clocked a 97% year-on-year revenue growth to $314.2 million, beating the consensus of $301.8 million. The stock price ascended after the results.
GAAP EPS loss of $(4.91), and adjusted EPS loss of (1.59) versus a positive $1.95 a year ago missed the consensus loss of $(0.80).
The Sphere segment reported revenues of $167.8 million. The MSG Networks segment reported total revenues of $146.4 million, a decrease of 8% Y/Y.
The adjusted operating income is $51.4 million versus $(13.2) million.
MSG Networks clocked an adjusted operating income of $37.3 million, and Sphere posted an adjusted operating income of $14.1 million.
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The company held 627.8 million in cash and equivalents as of December 31, 2023.
MSG Networks is now more than halfway through the 2023-24 NBA and NHL regular seasons, marking the first year of availability of MSG+, MSG Networks’ direct-to-consumer subscription and authenticated streaming service.
Executive Chairman and CEO James L. Dolan said, “With positive adjusted operating income at the Sphere segment in our first full quarter of operations in Las Vegas, our early results are beginning to prove that thesis, and we remain confident in the global opportunities ahead.”
Price Action:Â SPHR shares traded higher by 7.23% at $37.97 on the last check Monday.
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