NEW YORK (CelebrityAccess) — Sphere Entertainment Co. announced financial results for the company’s third fiscal quarter of 2024, more than doubling revenue from the previous year and swinging from a loss to a profit.
According to Sphere, the company generated revenue of $321.3 million, an increase of $159.3 million over the previous year’s Q3, which recorded results before the arena officially opened its doors.
For Q3, Sphere Entertainment reported an operating loss of $40.4 million, an improvement of $61.5 million as compared to the prior year quarter, and adjusted operating income of $61.5 million, as compared to an adjusted operating loss of $18.7 million in the prior year quarter.
Sphere cited the opening of its arena, along with the fully sold out 40 show run by Irish rock legends U2 and last month’s 4-night run by Phish as key drivers of the quarter’s financial results.
“With the second consecutive quarter of robust revenues and positive adjusted operating income at the Sphere segment, our early results continue to demonstrate Sphere’s potential to disrupt the traditional venue model. We are encouraged by the demand for this new medium and remain confident in our future growth opportunities,” stated Executive Chairman and CEO James L. Dolan.
