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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.