Madison Square Garden Sports Corp. (MSGS), on Friday posted a wider quarterly net loss even as revenue rose, driven by a sharp drop in operating income.
For the third quarter, net loss widened to $19.98 million or $0.83 per share from $14.23 million or $0.59 per share last year.
Operating income decreased substantially to $1.96 million from $32.34 million a year ago, primarily due to the increase in direct operating expenses.
Adjusted operating income fell sharply to $10.31 million from $36.93 million in the previous year.
Despite the losses, revenues rose to $432.20 million from $424.20 million a year earlier, driven by higher revenues from league distributions.
In pre-market activity on the NYSE, shares of Madison Square Garden Sports were down 0.22 percent, changing hands at $331.80, after closing Thursday's regular session 0.72 percent lower.
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