World Wrestling's Stock Surges After Better-than-expected Results
Shares of World Wrestling Entertainment Inc. surged 8.5% in premarket trade Thursday, after the entertainment and media company reported better-than-expected fourth-quarter results. For the quarter ended Dec. 31, net losses narrowed to $1.6 million, or 2 cents a share, from $7.9 million, or 10 cents a share, in the year-earlier period. Excluding non-recurring items, the per-share loss was 1 cent, beating the FactSet consensus loss estimate of 8 cents. Revenue rose to $140.5 million from $118.4 million, above the FactSet consensus of $134.4 million, boosted by strength in its network and television businesses. The company said WWE Network hit one million subscribers on Jan. 27. The stock has gained 4.5% over the past three months through Wednesday, while the S&P 500 has advanced 1.5%.
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