Sphere Stock Drops After Earnings. Here's Why.

📆 08/11/2023 21:58:00
📰 MarketWatch

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Without any clear idea about what its heralded new arena can earn, Sphere won't be able to generate a lot of investor excitement.

Many investors in Sphere Entertainment had hoped the company would offer financial guidance for its Las Vegas venue when it reported earnings Wednesday morning.

It also didn’t help that Sphere’s other business, MSG Networks, the regional cable network that broadcasts New York Knicks and Rangers games, saw a continued erosion in its profit amid cord-cutting. MSGN’s adjusted operating profit were down 24% in its fiscal first quarter to $25.2 million. Investors are eager to try to understand the economics of Sphere venue, which will rely on a mix of concert ticket sales, original productions, and advertising on its outside skin called the exosphere with over a million LED lights. They didn’t get much to chew on Wednesday.

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