Sphere Entertainment Stock Soared This Week. Here's Why.
Shares of Sphere Entertainment Co. (NYSE: SPHR) rose as much as 25% this week, according to data from S&P Global Market Intelligence. The upstart entertainment venue and owner of the Las Vegas Sphere, as well as regional sports networks, showed strong growth yet again in its latest earnings report, and a path to profitability. As of 1:46 p.m. ET on Friday, Sphere Entertainment was up 21.7% since last Friday's close and 46% year-to-date.
Here's why Sphere Entertainment stock popped this week.
In the fourth quarter of its fiscal year 2024, Sphere Entertainment's revenue grew to $273.4 million, up from $129 million a year ago. Revenue from the MSG regional sports network actually declined slightly, so over 100% of the growth came from the Sphere entertainment venue. Revenue went from virtually zero a year ago to $151 million in the three months ending in June, which indicates how popular the venue has been since opening for commercial operations.
Source Fool.com
