ENGLEWOOD, Colo. - Formula One Group (NASDAQ:FWONA) reported second quarter revenue that fell short of analyst expectations, sending shares down 2.7% in trading.
The motorsports company posted revenue of $871 million for the quarter, missing the consensus estimate of $1.01 billion. Formula One's adjusted OIBDA, a key profitability metric, came in at $165 million, below analyst projections of $230 million.
Despite the revenue miss, Formula One saw a 20% year-over-year increase in total revenue for the quarter. The company benefited from growth across media rights and sponsorship, partly driven by two additional races held compared to the same period last year.
"F1 is having an incredible season with particularly high engagement in growth markets," said Greg Maffei, Liberty Media (NASDAQ:FWONA) President and CEO. "Five races have already set US live viewership records for their events, and we look forward to our new opportunities ahead."
Operating income increased 17% year-over-year to $84 million. The company held eight races during the quarter, up from six races in Q2 2023.
Formula One maintained its full 24-race calendar for the 2024 season. The company also announced plans to complete its acquisition of MotoGP by year-end 2024.
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