Sphere Entertainment Posts 1Q Loss Despite Higher Revenue

Dow Jones11-12

By Ben Glickman

Sphere Entertainment posted a loss in the fiscal first quarter as surging expenses offset higher revenue from the company's namesake venue.

The New York company, which owns and operates a spherical concert and entertainment venue in Las Vegas, on Tuesday reported a loss from continuing operations of $105.3 million, or $2.95 a share, in the quarter ended Sept. 30, compared with a profit of $67.1 million, or $1.90 a share, a year earlier. Analysts polled by FactSet expected a loss of $2.78.

Revenue rose 93% from a year ago to $227.9 million, missing the $229.9 million expected by analysts. Sphere said that event-related revenue was up significantly due to a full quarter of concerts held at the Sphere venue in Las Vegas and the impact of marquee sport and corporate events.

Revenue from MSG Networks fell 9% to $100.8 million.

The company's Sphere operating expenses increased sharply as well. Selling, general and administrative expenses rose 25% from a year ago due to higher employee compensation and other benefits.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

November 12, 2024 08:31 ET (13:31 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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