Shares of Sphere Entertainment Co. (NYSE:SPHR) jumped 10.4% on Wednesday after the company reported mixed financial results for the fourth quarter of the fiscal year that came in below earnings expectations but outperformed revenue.
The entertainment company, which operates Sphere’s new venue in Las Vegas, reported a loss of $2.00 per share for the quarter ended June 30, which is more than analysts’ estimates of a loss of $1.72 per share. However, revenue was $273.4 million, beating analysts’ expectations of $271.18 million.
Sphere Entertainment’s revenue rose 112% year-on-year to $273.4 million, driven by increased operations at Sphere’s flagship venue in Las Vegas. The Sphere segment generated $151.2 million in revenue during the quarter, including $74.5 million from The Sphere Experience through 208 offerings.
James L. Dolan, Executive Chairman and Chief Executive Officer, said: “Fiscal year 2024 saw the opening of Sphere in Las Vegas, a new chapter for our company. “Sphere has already welcomed millions of guests, world-renowned artists and many international brands. We are confident that we are on track to implement our vision for this next-generation medium.’
The company noted that Dead & Co. recently completed a successful 30 performances, while Eagles is scheduled to begin 20 shows in September after multiple extensions due to high demand.
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