World Wide Wrestling (NYSE:WWE) earnings for the entertainment company’s third quarter of 2019 have WWE stock taking a beating on Thursday. This comes despite its diluted earnings per share of 6 cents, which beats out Wall Street’s estimate of 2 cents. The bad news is that revenue of $186.30 million is well below analysts’ estimates of $191.43 million.
Let’s dive deeper into the most recent World Wide Wrestling earnings report.
- Diluted EPS comes in 83.78% less YoY than 37 cents.
- Revenue is down 1.11% from $188.40 million in the same period of the year prior.
- Operating income of $6.40 million is a 64.64% decrease from $18.10 million.
- The World Wide Wrestling earnings report also includes a net income of $5.80 million.
- This is an 82.74% drop from net income of $33.60 million reported during the same time last year.
Vince McMahon, Chairman and CEO of World Wide Wrestling, says this about the Q3 WWE stock earnings.
“During the quarter, we remained focused on expanding the reach of WWE’s brand with the successful debut of Friday Night SmackDown on Fox Broadcast and NXT on USA Network. With our flagship programming now spanning both broadcast and cable throughout the week in the U.S. and our expanding roster of international distribution partners, we remain excited about our ability to deepen the engagement with our fans around the world.”
The World Wide Wrestling earnings report also includes an update to its 2019 outlook. The company notes that it now expects Adjusted OIBDA in the range of $180 million to $190 million. It was previously expecting an Adjusted OIBDA of at least $200 million.
WWE stock closed the day down 15.64% on Thursday.
As of this writing, William White did not hold a position in any of the aforementioned securities.