World Wrestling Entertainment’s stock slumps 3.9% premarket after Q1 results

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World Wrestling Entertainment’s stock falls after surprise decline in revenue

Shares of World Wrestling Entertainment Inc. slumped 1.9% in premarket trade Thursday, after the media and entertainment company reported a surprise decline in first-quarter revenue, hurt by its live events and consumer products businesses. Net income rose to $14.8 million, or 18 cents a share, from $900,000, or 1 cent a share, in the same period a year ago. The FactSet consensus for earnings per share was 13 cents. Revenue slipped to $187.7 million from $188.4 million, while the FactSet consensus called for a rise to $194.3 million. Media revenue rose to $133.4 million from $121.2 million, beating the FactSet consensus of $127.6 million, but live events revenue fell 4.0% to $30.8 million, below expectations of $55.8 million, and consumer products revenue declined 33% to $23.5 million, missing expectations of $26.8 million. WWE Network average paid subscribers increased 5% to 1.56 million, while digital video views grew 56% to 6.7 billion. For the second quarter, the company expects average paid subscribers to rise 8% to 1.77 million. The stock has run up 30.1% year to date through Wednesday, while the S&P 500 has slipped 1.4%.

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