Manchester United (NYSE:MANU) shares are trading in the green today after the English Premier League club announced third-quarter numbers and raised its fiscal 2023 outlook.
Revenue rose 11.3% year-over-year to £170 million. Net loss per share at £0.07 or $0.05 landed in line with estimates. This was a significant improvement over the comparable year-ago net loss per share of $0.18. Further, the rise in the top line was attributable to gains in Commercial revenue and Matchday revenue during the quarter.
MANU’s men’s first team reached third place in the Premier League during the 2022/23 season and has secured a spot for next season’s UEFA Champions League. The women’s team too has qualified for the upcoming UEFA Champions League season and secured second place in the Women’s Super League 2022/23 season.
Looking ahead, for fiscal 2023, MANU has now upped revenue expectations to a range of £630 million and £640 million from the earlier £590 million to £610 million. In sync, adjusted EBITDA is now anticipated to hover between £140 million to £150 million versus earlier estimates between £125 million and £140 million.
While MANU shares have surged nearly 96% over the past year, short interest in the stock still remains elevated at about 8.3% at present.
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