Madison Square Garden Sports Reports Q3 Loss, Revenue Shortfalls

Madison Square Garden Sports Corp. reported disappointing financial results for its fiscal third quarter, posting a net loss of $0.59 per share and revenue of $424.2 million, both falling short of analyst expectations. The company attributed the 1% year-over-year revenue decline to reduced local media rights fees and fewer home games for the New York Knicks and Rangers. Operating income dropped 59%, largely due to higher direct operating expenses and lower revenues. Despite these challenges, MSGS saw growth in average per-game revenues from tickets and sponsorships and continues to experience strong demand for Knicks and Rangers season ticket renewals. Consensus among analysts remains positive, with the stock rated as 'Outperform' and a one-year price target suggesting significant potential upside. The company maintains confidence in the value of its marquee sports franchises amid an evolving media landscape.