MSGE - Madison Square Garden stock climbs on Q2 earnings beat

• Madison Square Garden Entertainment ( NYSE: MSGE ) shares gained 10% on Thursday after the entertainment business reported better-than-expected second quarter results .
• The results reflect the successful 2022 holiday season run of the Christmas Spectacular production and ongoing positive momentum in the company's entertainment and sports bookings business.
• For the fiscal 2023 second quarter, the company reported revenues of $642.2M, an increase of 24% Y/Y. Entertainment segment had revenue of $356.5M, up 44% Y/Y, while MSG Networks revenue fell 1% Y/Y to $158.9M.
• Operating income grew by 109% Y/Y to $74M, while adjusted operating income increased 63% Y/Y to $124.1M.
• Executive Chairman and CEO James Dolan said, "Our fiscal second quarter results reflect ongoing operating momentum across our portfolio of live experiences. With our proposed spin-off expected to be completed by the end of March, and the anticipated opening of MSG Sphere in Las Vegas in September, we remain confident that the Company is well-positioned to drive long-term shareholder value."

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