Is It Time to Buy Stock in the Las Vegas Sphere Yet?
Though down from their peak a few months ago, shares of Sphere Entertainment (NYSE: SPHR) have notched an impressive 75% gain in 2023 -- and perhaps for good reason. The venue that Sphere Entertainment owns -- The Sphere in Las Vegas -- has been open since the end of September and is apparently raking in ample ticket sales, especially for the marquee headliner, rock band U2.
At this juncture, the Sphere is a technological marvel, but the business itself is still an unprofitable one. That could change this next quarter, though. Is it time to buy stock in the Las Vegas Sphere? Here are some important things to consider.
For the first quarter of Sphere Entertainment's fiscal 2024 (the three months ended Sept. 30), revenue totaled $118 million, down from $123 million a year ago. Operating losses came to $69.8 million, an increase from a $51.1 million loss last year.
Source Fool.com
