Overview
- Third-quarter revenue reached $468.1 million, topping the $452 million LSEG consensus.
- Gross merchandise sales were $2.43 billion, up 11% year over year and 24% excluding the Taylor Swift Eras Tour impact.
- GAAP net loss totaled $1.33 billion, or $4.27 per share, driven by a one-time $1.4 billion stock-based compensation charge tied to the September IPO.
- Shares fell about 24% on Friday trading and remain well below the $23.50 IPO price after the company raised $800 million in its debut.
- Wedbush called the lack of guidance surprising and warned that limited near-term visibility could pressure the stock, while keeping an outperform rating.