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Sphere Entertainment Stock Gets Analyst Downgrade for ‘Potentially Underwhelming Profitability Outlook’
Sphere Entertainment's stock got a downgrade over profitability and more factors, including scalability and high production costs.
A handful of music companies had similar losses on Tuesday: Reservoir Media and SiriusXM each fell 5.2%, Spotify dropped 4.2%, Madison Square Garden Entertainment slipped 4.0% and iHeartRadio lost 3.9%. Sphere Entertainment posted a $201 million net loss on revenue of $1.03 billion in the fiscal year ended June 30. The stunning $2.3 billion venue has “the potential to change the entertainment landscape for artists, guests and partners,” CEO James Dolan said during the company’s Aug. 14 earnings call.
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