(Corrects period for metrics in key details table to Q2 from Q4)

Overview

* Sphere Entertainment ( SPHR ) Q2 revenue rises 3% yr/yr to $282.7 mln

* Adjusted operating income for Q2 increases $35.8 mln yr/yr

* Sphere segment revenue grows 16% driven by events and residencies

Outlook

* Sphere Entertainment ( SPHR ) progressing with expansion plans

Result Drivers

* EVENT REVENUE - Sphere segment revenue increased 16% due to more corporate events and concert residencies

* SPHERE EXPERIENCE - Revenue from The Sphere Experience decreased $6.7 mln due to lower average per-show revenues

* EXPENSE REDUCTION - Lower selling, general and administrative expenses contributed to improved operating loss

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 $282.70

Revenue mln

Q2 Net $151.82

Income mln

Q2 $61.50

Adjusted mln

Operatin

g Income

Q2 -$131.32

Operatin mln

g

Expenses

Q2 -$50.20

Operatin mln

g Income

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 2 "hold" and 1 "sell" or "strong sell"

* The average consensus recommendation for the entertainment production peer group is "buy"

* Wall Street's median 12-month price target for Sphere Entertainment Co ( SPHR ) is $50.00, about 19.4% above its August 8 closing price of $40.29

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)