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Posted: May 3, 2023 7:27AM EST
Dean Seals
World Wrestling Entertainment reported lower profit and lower revenue in the first quarter, largely due to a shift in the timing of major international events.
The wrestling entertainment and media company reported a profit of $36.7 million, or 43 cents a share, compared with $66.1 million, or 77 cents a share, a year earlier.
Dean Seals
World Wrestling Entertainment reported lower profit and lower revenue in the first quarter, largely due to a shift in the timing of major international events.
The wrestling entertainment and media company reported a profit of $36.7 million, or 43 cents a share, compared with $66.1 million, or 77 cents a share, a year earlier.
Excluding one-time items, adjusted earnings per share were 50 cents. Analysts polled by FactSet had expected 42 cents a share.
Revenue fell to $297.6 million from $333.4 million last year, topping analysts’ expectations of $291 million, according to FactSet.
The quarterly revenue drop was due to an international event scheduled later in the year, the company said. According to WWE’s programming schedule, the event, which took place last February at the Jeddah Superdome in Saudi Arabia, will take place at the end of May.
The decline in revenue due to the rescheduling of international events into the upcoming quarter was partially offset by higher revenue from ticket sales and increased media royalty contracts for WWE’s flagship weekly shows, Raw and SmackDown.
The first-quarter results are WWE’s first earnings report since announcing plans to merge with Endeavor Group Holdings to form a new parent company that will oversee professional wrestling and the Ultimate Fighting Championship, Endeavor’s mixed martial arts league.
Shares rose 1 percent to $106.73 in premarket trading Wednesday.
Write to Dean Seal: dean.seal@wsj.com
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