Why Endeavor Group Holdings Stock Climbed on Tuesday
Shares of Endeavor Group Holdings (NYSE: EDR) traded higher on Tuesday, climbing as much as 12.9% earlier in the session. As of 11:51 a.m. EDT, the stock was up 8.1%. The live event entertainment specialist and parent of mixed martial arts league Ultimate Fighting Championship and the Miss Universe pageant climbed when the company reported solid second-quarter earnings.
Endeavor generated revenue of $1.11 billion, up 140% year over year, compared to anemic results at the height of the pandemic, and just missing analysts' consensus estimates of $1.14 billion. Its improved performance was fueled by the return of live events and audiences that kicked off over the past several months. The company's net loss widened, though Endeavor's adjusted EBITDA more than tripled to $168.1 million, up from $45.4 million in the prior-year quarter.
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Source Fool.com
