World Wrestling Entertainment, Inc.(NYSE: WWE) reported fourth-quarter earnings of 78 cents per share on Thursday, which beat the analyst consensus estimate of 75 cents. This is a 77.27% increase over earnings of 44 cents per share from the same period last year.
The company reported quarterly sales of $322.8 million, which missed the analyst consensus estimate of $335.83 million. This is a 18.46% increase over sales of $272.5 million the same period last year.
WWE's stock crashed more than 20% last week after the company dismissed two long-time executives and cut its 2019 earnings guidance
“The delay in completing a Middle East distribution agreement as well as lower business performance than anticipated, our results were at the low-end of guidance," Frank Riddick, interim CFO said in a statement. “We expect significant revenue growth based on the full year impact of our new content distribution agreements in the U.S. and anticipate adjusted OIBDA of $250 to $300 million. Management believes it has the potential to exceed this range, but is unable to provide additional guidance at this time."
Notably, WWE Network's average paid subscribers dropped 10% to 1.42 million, which The Wrap reported was just below the company’s 1.43 million estimate.
WWE shares were trading down 20.12% at $39.14 in Thursday’s pre-market session. The stock has a 52-week high of $100.45 and a 52-week low of $45.10.
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