Madison Square Garden Shares Drop Post Q1 Results; Clocks 36% Revenue Growth - Madison Square Garden (NYSE:MSGE)

Madison Square Garden Entertainment Corp MSGE reported first-quarter FY23 revenue growth of 36% year-on-year to $401.2 million, beating the consensus of $381.8 million.
Tao Group Hospitality segment generated revenues of $132.7 million, up 11% Y/Y. MSG Networks generated total revenues of $122.5 million, down 13% Y/Y.
Entertainment segment revenues surged from $34.2 million Y/Y to $147.1 million.
Total adjusted operating income was $2.8 million, down 73% Y/Y. EPS loss of $(1.30) missed the consensus loss of $(0.97).
Madison Square Garden held $458.9 million in cash and equivalents.
The fiscal 2023 first quarter was highlighted by a busy calendar of events at the company's performance venues, strength in Tao Group Hospitality's key markets, including Las Vegas and New York, and solid sales and renewal activity within marketing partnerships and suites.
In addition, the company recently announced that it confidentially filed for the proposed spin-off of its traditional live entertainment and MSG Networks businesses.
Price Action: MSGE shares traded lower by 10.09% at $40.60 on the last check Wednesday.
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