Sphere Entertainment Co (NYSE:SPHR) reported third-quarter FY24 sales growth of 98% year-on-year to $321.3 million, missing the analyst consensus estimate of $324.63 million.
For the third quarter, the Sphere segment reported revenues of $170.4 million, an increase of $169.7 million, as compared to the prior-year quarter.
MSG Networks segment reported total revenues of $151.0 million, down 6% from the prior year quarter.
Direct operating expenses increased to $154.040 million compared to $93.665 million last year. Selling, general and administrative expenses for the quarter were $123.149 million.
The operating loss for the quarter narrowed to $(40.4) million from $(101.9) million a year ago.
Adjusted operating income was $61.5 million versus an adjusted operating loss of $(18.7) million in the prior year quarter.
EPS loss of $(1.33) missed the analyst consensus estimate of $(0.12).
Sphere held $693.9 million in cash and equivalents as of March-end. Operating cash flow for nine months totaled $52.7 million.
Price Action: SPHR shares traded lower by 5.10% at $39.08 at last check Friday.