Sphere Entertainment revenue doubles but swings to a loss on high operating expenses [Seeking Alpha]
Sphere Entertainment Co. Class A (SPHR)
Company Research
Source: Seeking Alpha
Entertainment ( NYSE: SPHR ) swinging to a loss of $1.31 per share (including discontinued operations) from a profit of $15.24 per share in the same quarter last year. This was, however, not as bad as Wall Street expected and topped expectations by $0.73, driving up shares in Wednesday's premarket trading. Excluding discontinued operations, Sphere ( SPHR ) reported a loss of $2 per share. Sphere Entertainment ( SPHR ) shares were given a lift from total revenue which more than doubled from a year ago, offsetting a modest decline in MSG Network revenue, and beating expectations by $2M. For FQ4, the Sphere segment had direct operating expenses of $67.9M, as compared to direct operating expenses of $1.1M in the prior year quarter. This primarily included $22.2M of event-related expenses and $22.1M of expenses associated with The Sphere Experience during the quarter. In addition, direct operating expenses included $16.8M of venue operating costs, as well as $2.1M in expenses associa
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