Manchester United (NYSE:MANU) shares fell on Wednesday after the English football club posted fourth-quarter results that missed market expectations.
The club reported quarterly net sales of 164.1 million pounds ($219.04 million), up from 142.2 million pounds a year earlier but below the Street’s estimate of $225.80 million. Total revenue rose 15.4%, lifted by stronger commercial and matchday income, though broadcasting revenue declined.
Commercial revenue advanced 10% year-on-year, while matchday revenue surged 16.9%. The increase was attributed to five additional home matches compared with the prior year and robust demand for hospitality services.
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Broadcasting revenue fell 22%, reflecting the men’s first team competing in the UEFA Europa League instead of the more lucrative UEFA Champions League.
Operating loss narrowed to 15.2 million pounds from 32.4 million pounds in the same period last year. Adjusted EBITDA nearly doubled, reaching 37.5 million …