NYSE$SPHR
Sphere Entertainment Co · Q3 2024 earnings
Q3 2024 earnings · · Before market open · Investor relations
Briefing
Sphere Entertainment Co reported Q3 results with $321.3M revenue, a net loss of $47.2M, and an operating loss of $40.4M.
Q3 revenue nearly doubled year over year to $321.3M, driven by Sphere Las Vegas, but the company posted a GAAP net loss of $47.2M. Adjusted operating income reached $61.5M, reflecting strong performance at Sphere and improved results at MSG Networks despite subscriber declines.
- Total Q3 revenue was $321.3M, up from $162.1M a year ago.
- GAAP diluted EPS was -$1.33 for the quarter.
- Adjusted operating income was $61.5M vs. a loss of $18.7M last year.
- Sphere segment revenue reached $170.4M, including $100.5M from The Sphere Experience and $34.3M in event-related revenues.
Headline financials
Revenue & EPS history
Sphere Entertainment Co · Revenue · Quarterly
$321M
Revenue by segment
Sphere Entertainment Co · $110M total across 1 segment · Q1 2024
- MSG Networks$110M-10.0%100.0%
Forward guidance
Management pointed to continued programming at Sphere, new residencies, and events such as the NHL Draft and corporate keynotes, expressing confidence in growth opportunities. No formal numerical guidance was issued.
Tailwinds
- Strong Sphere segment performance with second consecutive quarter of positive adjusted operating income.
- High ticket sales from The Sphere Experience averaging over $1M per day during operating days.
- Successful residencies from U2 and Phish with strong demand driving extensions for upcoming shows.
- Record-setting advertising week on the Exosphere during the Super Bowl.
- Upcoming corporate keynote and NHL Draft to further diversify event programming.
Headwinds
- No quantitative forward guidance provided.
- MSG Networks saw a 6% year-over-year revenue decline due to subscriber losses.
- Sphere segment still incurred a GAAP operating loss due to high costs and depreciation.
- Ongoing high depreciation and operating expenses from new venue assets.
- Advertising revenue declines at MSG Networks related to live sports telecasts and branded content.
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 Q3 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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