RTTNews | Aug 23, 2021 10:51AM EDT

10:50 Monday, August 23, 2021 (RTTNews.com) - Shares of live entertainment events producer Madison Square Garden Entertainment Corp. (MSGE) are up more than 8% on Monday morning after the company reported better-than-expected fourth quarter revenue.

Revenue for the quarter was $99.78 million, compared with $9.0 million in the prior year quarter, helped by significant sales growth in Tao Group Hospitality segment. Analysts polled by Thomson Reuters expected the company to report revenue of $64.97 million.

"The fiscal 2021 fourth quarter reflected the return of live events to the Company's performance venues, following an easing of restrictions during the period," said Madison Square Garden Entertainment.

Last month, the company had announced return of the Christmas Spectacular Starring the Radio City Rockettes production to Radio City Music Hall, with 163 shows scheduled for the 2021 holiday season.

The company reported net loss of $117.77 million or $4.87 per share in the fourth quarter compared with net income of $126.63 million or $5.27 per share in the same quarter a year ago. It had a gain of $240.78 million on disposal of assets in the prior year's quarter.

MSGE, currently at $67.98, has been trading in the range of$60.26- $121.42 in the past 52 weeks.

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