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World Wrestling Entertainment Inc. reported third-quarter earnings after the market closed on Wednesday. Here’s what you need to know:
Net Income: The Stamford, Conn.-based media and entertainment company reported net income of $41.7 million, or 49 cents a share, for the quarter ended Sept. 30. Analysts expected $42.2 million, or 50 cents a share, according to FactSet.
Sales: WWE reported sales of $304.6 million, up 19% year over year and ahead of analysts’ expectations for $283.1 million in the third quarter.
what do we see
Viewerships: Pay-per-view matches continue to increase revenue for home viewers, especially following a licensing deal that expands the WWE Network to streaming platform Peacock, a division of Comcast Corp.’s NBCUniversal. Media revenue rose 15% to 233 million, driven by its flagship shows Raw and SmackDown. The company said each of its premium live events in the country, including SummerSlam, Extreme Rules and Money in the Bank, were the highest-rated in its history. It has signed several agreements to expand the distribution of its content internationally, including in Africa, Australia and Europe.
Consumer Goods: Consumer goods revenue increased 45% year over year to $18.5 million in the third quarter.
Live Events: WWE Live Event tickets have proven to be a hot commodity in fiscal 2022 as fans snap up seats at historic prices. Revenue from live events rose 26% year over year to $35.2 million, mainly due to higher international ticket sales for some major stadium events, the company said. It hosted 58 live ticketed events in the most recent quarter, up from 42 a year ago.
Write to Emon Reiser at emon.reiser@wsj.com
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