World Wrestling Entertainment (NYSE:WWE) revenue fell year-on-year in the first quarter, but revenue and earnings topped consensus estimates.
The company, which last month said it will combine with Endeavor Group-owned (NYSE:EDR) UFC to form a new, publicly listed entertainment giant, reported Q1 EPS of $0.43, $0.01 better than the analyst estimate of $0.42. Revenue for the quarter came in at $297.6 million versus the consensus estimate of $292.93 million.
In Q1 2022, WWE's revenue was $333.4M. The decrease was put down to a shift in the timing of the staging of a large-scale international event, which occurred in the first quarter of 2022 but is expected to occur in the second quarter this year.
WWE's operating income was $53.1M, decreasing by 43%, or $39.3M, from the previous year.
Last month, WWE and Endeavor Group announced that the wrestling company and mixed martial arts franchise UFC will combine to form a new publicly listed company valued at about $21B.
The deal is expected to close in the second half of this year, with Endeavor owning a 51% stake and WWE investors holding the rest.