NYSE$SPHR
Sphere Entertainment Co · Q2 2024 earnings
Q2 2024 earnings · · Before market open · Investor relations
Briefing
Sphere Entertainment Co reported Q2 results with $314.2M revenue, a net loss of $173.2M, and an operating loss of $159.7M.
Q2 revenue nearly doubled year over year to $314.2M, driven by Sphere's first full quarter of operations, but the company recorded a GAAP net loss of $173.2M. Adjusted operating income reached $51.4M, reflecting strong Sphere segment revenue and continued profitability at MSG Networks.
- Total Q2 revenue was $314.2M, up 97% year over year.
- GAAP diluted EPS was -$4.91 for the quarter.
- Adjusted operating income was $51.4M versus a loss of $13.2M in the prior year quarter.
- Sphere segment revenue reached $167.8M, including $92.9M from The Sphere Experience and $55.2M in event-related revenues.
Headline financials
Revenue & EPS history
Sphere Entertainment Co · Revenue · Quarterly
$314M
Revenue by segment
Sphere Entertainment Co · $110M total across 1 segment · Q1 2024
- MSG Networks$110M-10.0%100.0%
Forward guidance
Management expects continued strong demand for Sphere Las Vegas programming, including upcoming residencies and events, while MSG Networks faces headwinds from subscriber declines.
Tailwinds
- Sphere achieved positive adjusted operating income in its first full quarter.
- High daily ticket sales from The Sphere Experience averaging over $1M on operating days.
- Strong event pipeline including upcoming shows from Phish and Dead & Co.
- Expanded brand campaigns on the Exosphere, including presence during F1 Las Vegas Grand Prix.
- MSG Networks profitability supported by lower SG&A expenses.
Headwinds
- No numerical forward guidance provided.
- Sphere segment posted a large GAAP operating loss due to impairment, depreciation, and high operating costs.
- MSG Networks revenue fell 8% year over year due to subscriber losses.
- Impairment charge of $116.5M related to halting London Sphere project.
- Ongoing competitive and cost pressures in media and live entertainment segments.
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 Q2 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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