Sphere Entertainment Co. (NYSE: SPHR) saw its stock surge 5.27% in pre-market trading on Thursday following the release of its first quarter 2025 results and announcements of upcoming events at its Las Vegas venue.

The company reported revenues of $280.6 million for the quarter ended March 31, 2025, down from $321.3 million in the prior year quarter. Despite the revenue decline, Sphere Entertainment's Executive Chairman and CEO James L. Dolan highlighted that the Sphere segment generated positive adjusted operating income in the first quarter, signaling progress on the company's strategic priorities.

Investors appear encouraged by several positive developments: 1. New multi-year marketing partnerships with Pepsi and Google 2. Multiple corporate events scheduled for the second quarter at Sphere in Las Vegas, including a repeat booking from Hewlett Packard Enterprise 3. Upcoming music residencies, including Dead & Company's 18-show run, followed by Kenny Chesney, the Backstreet Boys, and the return of the Eagles 4. The announcement of 'Unity', a new electronic dance music event with Insomniac and Tomorrowland, featuring nine shows between August and October While the company still reported an operating loss of $78.6 million for the quarter, the positive adjusted operating income of $36.0 million and the lineup of high-profile events suggest potential for future growth. Dolan expressed confidence in the opportunities ahead for Sphere and the company's ability to drive growth this calendar year.