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World Wrestling Entertainment reported that it turned a profit in the fourth quarter after experiencing a loss in the same period a year earlier. Adjusted net income was in-line with analyst estimates while revenue topped expectations.
It said its fourth quarter net income was $0.6 million, or 1 cent per share, compared to a loss of $8.6 million, or 12 cents per share, in the same quarter a year earlier. Adjusting for one time, the WWE’s net income was $1.3 million, or 2 cents per share, compared to $1.8 million, or 2 cents per share, in the prior year quarter.
Revenues for the WWE totaled $115.1 million in the fourth quarter compared to $112.9 million in the prior year. This beat estimates as analysts were expecting a revenue of $114.6 million. “In the fourth quarter, we continued to make important progress on our key strategic initiatives, expanding the production and licensing of new programs and enhancing our brands,” commented Vince McMahon, Chairman and CEO of WWE. “Although we did not announce the launch of a domestic television network during the year, we believe, now more than ever, that we can realize the full value of our intellectual property using a variety of approaches in our global markets. Our confidence is based on the rising value of content and the tremendous global appeal of our brands.”
- World Wrestling Entertainment Discusses Plans for a Potential WWE Network Launch (technologytell.com)