Madison Square Garden Sports Corp. /zigman2/quotes/203292767/composite MSGS -3.38% swung to a first-quarter loss on revenue that fell 18%, but topped expectations, as the COVID-19 pandemic led to the suspension of the professional basketball and hockey seasons. The parent of the New York Knicks professional basketball team and the New York Rangers professional hockey team reported a net loss of $118.0 million, or $4.92 a share, after net income of $35.3 million, or $1.48 a share, in the year-ago period, as the pandemic led to significant impairment charges for the Tao Group Hospitality business. The FactSet consensus was for a net earnings per share of 43 cents. Revenue fell to $424.0 million from $517.2 million, as both MSG Sports and MSG Entertainment revenue dropped 18%, but topped the FactSet consensus of $406.8 million. "With the seasons suspended, there is virtually no revenue being recognized, including revenue related to tickets, sponsorship and signage, suites and local media rights," the company said. The stock, which was still inactive in premarket trading, has dropped 20.1% over the past three months while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.54% has declined 12.8%.