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Sphere Entertainment Grateful for Dead & Co. Residency

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Sphere Entertainment Grateful for Dead & Co. Residency

Key Takeaways

  • Sphere Entertainment posted a narrower-than-expected loss in its fiscal fourth quarter.
  • Revenue more than doubled year-over-year as the Sphere opened in Las Vegas last September and contributed more than $150 million in Q4.
  • The quarter included part of a 30-show Dead & Co. residency.

Sphere Entertainment (SPHR) shares are rocking Wednesday after the iconic Las Vegas venue owner posted a narrower-than-expected loss in its fiscal fourth quarter.

The company reported total revenue of $273.4 million, a tick above estimates and more than doubling year-over-year as the Sphere opened in Las Vegas last September and contributed more than $150 million in Q4.

The quarter included a portion of a 30-show Dead & Co. residency that began in May and concluded in early August. Coming up, the Eagles are set to begin a 20-show residency starting in September. 

The company’s diluted loss per share was $1.31, much narrower than consensus analysts’ expectations, per Visible Alpha. The company posted a $15.24-per-share profit last year prior to the Sphere’s opening. 

CEO Says Sphere ‘On the Right Path’

“Fiscal 2024 marked the opening of Sphere in Las Vegas and a new chapter for our company,” said Chief Executive Officer (CEO) James Dolan. “Sphere has already welcomed millions of guests, world-renowned artists and numerous global brands. We are confident that we are on the right path to execute on our vision for this next-generation medium.”

Sphere Entertainment shares jumped 5.5% to $43.00 as of 1:15 p.m. ET Wednesday. They are up more than 26% this year.

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