World Wrestling Entertainment, Inc. (NYSE:WWE) stock was down on Thursday following the release of the company’s earnings report for the second quarter of 2016.
WWE stock dropped after the company reported earnings per share of one penny for the second quarter of the year. This is down 6 cents from earnings per share reported during the same time last year. It also failed to meet analysts’ estimate of 2 cents for the quarter.
WWE reported revenue of $199.0 million for the second quarter of 2016. This is up from the $150.2 million that the company reported in the second quarter of 2015. It also managed to come in above the $181.8 million that Wall Street was expecting from the company.
World Wrestling Entertainment noted that both its WWE’s Live Event and Network segments had the highest revenue in the second quarter of 2016 in the company’s history. It also saw an average of 1.52 million paid subscribers in the quarter, which is a 25% increase over the same time last year.
“Over the past 12 months we delivered record revenue of $703 million,” George Barrios, Chief Strategy & Financial Officer at WWE, said in a statement. “Additionally, for the first half of 2016, we delivered revenue growth of 13% from the prior year period and our digital video views increased by more than 100% to nearly 8 billion and our social media engagements increased 39% to 570 million.”
WWE said that it expects there to be 1.49 million paid subscribers to WWE Network in the third quarter of 2016. This would be down 2% from its second quarter of the year, but up 27% from the same time last year.
WWE stock was down 2% as of Thursday morning.
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