Sphere, Spotify Shares Lead Music Stock Gains on Quarterly Earnings Results ...Middle East

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Sphere, Spotify Shares Lead Music Stock Gains on Quarterly Earnings Results
The Sphere venue in Las Vegas isn’t turning a profit, but it’s doing enough to encourage investors to buy into its owner, Sphere Entertainment Co. Shares of Sphere Entertainment gained 13.8% to $40.29 this week after the company’s quarterly earnings report released Monday (Feb. 5) showed that the state-of-the-art venue — currently capturing eyeballs ahead of the Super Bowl in Las Vegas on Sunday — took in revenue of $167.8 million and had an adjusted gain of $14 million (adjusted to certain items including $117 million of non-cash impairment related to the company’s failed bid to open a Sphere in London).

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