NYSE$SPHR
Sphere Entertainment Co · Q1 2024 earnings
Q1 2024 earnings · · Before market open · Investor relations
Briefing
Sphere Entertainment Co reported Q1 results with $118.0M revenue, net income of $66.4M, and an operating loss of $69.8M.
Q1 revenue declined 4% year over year to $118.0M, reflecting lower MSG Networks revenue partially offset by Sphere’s opening in Las Vegas. The company posted GAAP net income of $66.4M due to a large income tax benefit, despite an operating loss of $69.8M. Adjusted operating loss was $57.9M, primarily from pre-opening costs and elevated expenses at Sphere.
- Total Q1 revenue was $118.0M, down from $123.1M in the prior year quarter.
- GAAP diluted EPS was $1.89, boosted by a significant income tax benefit.
- Adjusted operating loss was $57.9M, compared to a $30.8M loss last year.
- Sphere segment revenue reached $7.8M, including $4.1M in event-related revenues and $2.6M from sponsorship and related fees.
Headline financials
Revenue & EPS history
Sphere Entertainment Co · Revenue · Quarterly
$118M
Revenue by segment
Sphere Entertainment Co · $110M total across 1 segment · Q1 2024
- MSG Networks$110M-10.0%100.0%
Forward guidance
Management expects Sphere’s momentum to continue with strong U2 ticket sales, launch of The Sphere Experience, and high-profile events, while MSG Networks faces subscriber declines.
Tailwinds
- Sphere opened successfully with all U2 shows sold out to date.
- Additional 11 U2 shows added in January and February 2024 due to strong demand.
- Launch of The Sphere Experience in October to critical acclaim.
- First-ever brand campaigns on the Exosphere attracted major global brands.
- Upcoming Formula 1 Las Vegas Grand Prix multi-day takeover of Sphere.
Headwinds
- No formal quantitative guidance provided.
- MSG Networks revenue declined 10% year over year due to subscriber losses.
- Sphere segment incurred significant adjusted operating loss due to pre-opening and early operating costs.
- High SG&A expenses partly tied to transition services agreement with MSG Entertainment.
- Depreciation and amortization costs increased significantly year over year.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
+1.5%
Avg return
Earnings day
+2.6%
Avg return
5 days after
+2.7%
Avg return
30 days after
46%
12 / 26 earnings
Positive
+22.1%
Q4 2025
Best reaction
-15.1%
Q3 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | +22.1% | +21.0% | +11.5% | |
| Q3 2026 | +4.7% | +16.2% | +24.8% | |
| Q1 2026 | +4.7% | +16.2% | +24.8% | |
| Q1 2025 | +9.2% | +26.1% | +26.5% | |
| Q2 2026 | -2.0% | -18.8% | -23.3% | |
| Q4 2024 | +0.7% | +21.5% | +3.6% | |
| Q3 2024 | +0.9% | -8.4% | -11.0% | |
| Q2 2024 | -0.3% | +13.8% | +35.9% | |
| Q1 2024 | +2.2% | +2.9% | -2.2% | |
| Q4 2023 | +4.0% | -7.9% | -1.1% | |
| Q3 2023 | -15.1% | -25.9% | -11.3% | |
| Q2 2023 | +8.3% | +13.8% | +6.6% | |
| Q1 2023 | -2.2% | -4.0% | -9.3% | |
| Q4 2022 | -7.1% | -3.3% | -12.3% | |
| Q2 2022 | -7.1% | -3.3% | -12.3% | |
| Q3 2022 | -11.3% | -11.9% | -5.0% | |
| Q1 2022 | -8.5% | -9.8% | -17.3% | |
| Q4 2021 | +17.9% | +26.7% | +21.7% | |
| Q2 2021 | +17.9% | +26.7% | +21.7% | |
| Q3 2021 | +5.2% | -3.2% | +4.2% | |
| Q1 2021 | -1.2% | -4.3% | +0.1% | |
| Q1 2020 | -1.2% | -4.3% | +0.1% | |
| Q2 2020 | -0.3% | +4.8% | -8.8% | |
| Q4 2020 | -0.3% | -8.3% | +6.1% | |
| Q4 2019 | -1.6% | -3.9% | -2.2% | |
| Q3 2020 | -1.6% | -3.9% | -2.2% | |
| Q3 2019 | — | — | — |
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