Sphere Entertainment stock soars 10% after posting Q4 revenue beat

NEW YORK - Sphere Entertainment Co. (NYSE:SPHR) shares jumped 10.4% on Wednesday after the company reported mixed fiscal fourth quarter results that missed earnings expectations but beat on revenue.

The entertainment company, which operates the new Sphere venue in Las Vegas, reported a loss of $2.00 per share for the quarter ended June 30, wider than analysts' estimates for a loss of $1.72 per share. However, revenue came in at $273.4 million, surpassing the consensus forecast of $271.18 million.

Sphere Entertainment's revenue surged 112% YoY to $273.4 million, driven by the ramp-up of operations at its flagship Sphere venue in Las Vegas. The Sphere segment generated $151.2 million in revenue during the quarter, including $74.5 million from The Sphere Experience attraction across 208 performances.

"Fiscal 2024 marked the opening of Sphere in Las Vegas and a new chapter for our Company," said Executive Chairman and CEO James L. Dolan. "Sphere has already welcomed millions of guests, world-renowned artists and numerous global brands. We are confident that we are on the right path to execute on our vision for this next-generation medium."

The company noted that Dead & Co. recently completed a successful 30-show residency, while the Eagles are set to begin a 20-show residency in September after multiple extensions due to high demand.

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Source: Investing.com