F1 Revenue Plunges 38% on Fewer Races, Liberty Media Posts Mixed Q2
FWONA sits 20% above its 52-week low of $73.7.
Summary
Liberty Media's Q2 results show a sharp 38% drop in Formula 1 revenue to $764 million, driven by four fewer races held versus last year, with revenue slightly missing estimates. Operating income fell to $73 million and Adjusted OIBDA declined 61% to $139 million. MotoGP, now a full quarter contributor, saw revenue slip 2% pro-forma to $170 million but Adjusted OIBDA rose 3% to $76 million. Consolidated revenue was $934 million, with operating income of $88 million. The race calendar shift is the primary drag, but the company also announced several positive commercial developments: a 10-year Las Vegas GP extension, a rescheduled Bahrain race in Malaysia adding a 23rd race, and new multi-year broadcast and partnership deals across both series. The results follow the Q1 strength and the MotoGP debt repricing in June.
At the time of this announcement, FWONA was trading at $88.31 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $23.9B. The 52-week trading range was $73.70 to $99.52. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: BusinessWire.