World Wrestling Entertainment Inc. (NYSE:WWE) reported first-quarter 2017 earnings of 1 cent a share, missing the Zacks Consensus Estimate of 11 cents. The company’s bottom line also decreased 94.4% year over year.
Earnings Estimate Revision: The Zacks Consensus Estimate for 2017 has been stable over the last 30 days.
Revenues: WWE generated revenue of $188.4 million that surpassed the Zacks Consensus Estimate of $182 million and also jumped 10% year over year.
Surge in revenues were primarily driven by increase in WWE Network subscriber base. WWE Network paid subscribers increased 16% to 1.49 million from the year-ago quarter.
WrestleMania 33 WWE Network, a subscription-based streaming service launched in 2014, reached a record 1.95 million total subscribers, up 7% from Apr 4 last year. Paid subscribers hit 1.66 million, up 14%. WWE Network subscribers viewed 22.5 million hours during WrestleMania Week compared with 21.7 million hours in 2016.
As per the company, 75,245 fans from all 50 states and 62 countries flocked Orlando Citrus Bowl, making it the seventh best attended WrestleMania event.
Zacks Rank: Currently, World Wrestling Entertainment carries a Zacks Rank #4 (Sell) which is subject to change following the earnings announcement.
You can see the complete list of today’s Zacks #1 Rank (Strong Sell) stocks here.
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World Wrestling Entertainment, Inc. (WWE): Free Stock Analysis Report
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