Shares of Sphere Entertainment Co. (NYSE: SPHR) plummeted by 5.09% in pre-market trading on Tuesday, as the company reported a disappointing set of full-year 2024 earnings results, impacted by a significant net loss.
Sphere Entertainment Co. reported a net loss of $462.5 million for the fiscal year 2024, a staggering decline of 432% compared to a profit of $139.5 million in the previous year. The company's earnings per share stood at a loss of $12.90, a stark contrast to the profit of $3.99 per share in fiscal year 2023. Revenue for the year increased by 48% to $1.07 billion, but this growth was overshadowed by the substantial net loss.
The entertainment industry as a whole is projected to grow by 9.3% in the US, while Sphere Entertainment Co.'s revenue is forecast to rise by a relatively modest 7% per annum over the next two years. Analysts have also highlighted one warning sign for the company, further contributing to investor concerns.
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