MSG Sports (MSGS) stock plummeted 5.05% during intraday trading on Thursday, following the release of the company's fiscal second-quarter earnings results.
The sharp decline came as the company reported earnings per share (EPS) of $0.34 for the quarter, which significantly missed analyst estimates. Multiple reports indicated the result fell short of consensus expectations ranging from $0.45 to $0.52, representing a miss of approximately 24% to 35%.
Despite the earnings disappointment, the company's revenue of $403.4 million surpassed estimates of approximately $394.5 million, representing a year-over-year increase. The mixed results, with a substantial bottom-line miss overshadowing a top-line beat, appear to have driven the negative market reaction and the stock's intraday decline.