Madison Square Garden Q2 Earnings Beats Estimates On Higher Concerts, Live Entertainment & Sporting Events
Portfolio Pulse from Nabaparna Bhattacharya
Madison Square Garden Entertainment Corp. (NYSE:MSGE) reported Q2 earnings with revenue of $402.66 million, surpassing the analyst consensus of $301.83 million, a 13% increase year over year. Adjusted operating income rose to $151.0 million, up $24.7 million from the previous year. The increase in revenue was attributed to more concerts, live entertainment, and sporting events. The company has raised its fiscal 2024 revenue and income guidance, leading to a 4.61% increase in MSGE shares to $36.19.
February 07, 2024 | 4:53 pm
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Madison Square Garden Entertainment Corp. (MSGE) reported a significant beat on Q2 earnings and revenue, with a notable year-over-year growth. The company also raised its fiscal 2024 guidance, positively impacting its stock price.
The positive earnings report and raised guidance indicate strong operational performance and future growth prospects for MSGE. This typically leads to increased investor confidence and can drive the stock price up in the short term.
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IMPORTANCE 90
RELEVANCE 100