Sphere Entertainment’s first-quarter revenue and earnings smashed Wall Street expectations on Tuesday, powering the stock to a 0.9% increase to nearly $138 per share by the early afternoon. Earlier in the day, it reached an all-time high price north of $147 before receding.

The company posted three-month revenues of $386.4 million, a mark 38% higher than the same period last year. Sphere Entertainment also turned its second consecutive profitable quarter, earning an operating income of $7.2 million after losing nearly $79 million in the first quarter last year. It reported a non-GAAP adjusted operating income that accounts for depreciation and other profit tweaks, which has been consistently positive of late and landed at $110…