Tuesday, 02 January 2024 12:17 GMT

Manchester United Stock Rallies On Annual Forecast Raise After Strong Q3: Retail Turns Optimistic


(MENAFN- AsiaNet News)

Manchester United (MANU) raised its full-year forecast on Friday after a strong quarterly print, sending the British soccer club's shares and retail sentiment higher.

The U.S.-listed shares rose nearly 19% on Friday, their best intraday performance since November 2022, and Stoctwits users were extremely optimistic about them.

Manchester United said revenue rose 17% to 160.6 million pounds ($118.3 million) in the third quarter, and adjusted loss narrowed to 0.03 pounds a share from 0.24 pounds a year earlier.

Commercial revenue, which accounts for about half of total revenue, increased by 7.3%, while broadcasting revenue rose by 10%.

During the quarter, the club benefited from a new sponsorship deal with Qualcomm and from playing four additional UEFA matches compared to last year.

The club raised its full-year guidance for adjusted EBITDA to 180 million pounds to 190 million pounds, up from the previous guidance of 145 million pounds to 160 million pounds.

It now expects fiscal 2025 revenue between 660 million pounds and 670 million pounds, lifting the bottom end of the previous forecast from 650 million pounds.

On Stocktwits, the retail sentiment climbed to 'extremely bullish' from 'neutral' the previous week.

A user noted a "7x" increase in option trading in the club's shares on Friday.

MANU shares are down 5.4% year-to-date.

($1 = 0.78 pound)

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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