WWE body slams Wall Street's forecasts
Wrestling company thrives despite lack of ticket sales for live events
World Wrestling Entertainment Inc. easily beat Wall Street forecasts for first-quarter adjusted profit.
WWE, as the media and entertainment company focused on wrestling is called, also reported net income of $43.8 million for the period, up from $26.2 million.
Earnings were up to 51 cents from 31 cents on a per-share basis. Profit following adjustments also amounted to 51 cents a share.
|WWE||WORLD WRESTLING ENTERTAINMENT INC.||100.22||-1.43||-1.41%|
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Revenue fell to $263.5 million from $291 million. The company said the decline reflected the absence of the ticketed live events and a large-scale international event, which was partially offset by the upfront revenue recognition related to the delivery of certain WWE Network intellectual property rights.
Analysts predicted WWE would report an adjusted profit of 23 cents a share on $258 million in revenue, according to FactSet.