Manchester United Q1 results beat estimates By Investing.com

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Manchester United Q1 results beat estimates

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Manchester United Q1 results beat estimates

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By Yasin Ebrahim

Investing.com -- Manchester United reported Thursday fiscal first-quarter results that beat estimates at a time when a potential sale of the football club has recently sent its shares sharply higher.

Manchester United (NYSE:MANU) rose 0.7% in afterhours trading following the report.

The football club reported an adjusted loss per share of £0.06 ($1 = £0.82) on revenue of £143.7 million, beating estimates for a loss of £0.15 per share on revenue of £130.2M.

For fiscal 2023, the company guided revenue in a range of £590M to £610M, up from a prior estimate of £580M to £600M. Analysts had expected annual revenue of £722.2M.

Manchester United continues to garner speculation about a potential takeover after the Glazer Family, owners of the club since 2005, confirmed that they are open to a sale.

The news has helped push shares of the football club up 70% since the announcement in November.

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