World Wrestling Entertainment, Inc. WWE shares tanked more than 5 percent after the company delivered worst than estimated earnings and sales revenue for the third quarter.
- Reports EPS of $0.14, misses by $0.03.
- Delivers revenue of $164.2 million, short by $10.84 million.
- Expects adjusted OIBDA of about $20-$24 million for the fourth quarter.
- Sees adjusted OIBDA of $80-$84 million for the full year 2016.
- Targets adjusted OIBDA of $100 million in 2017.
WWE chairman and CEO Vince McMahon commented, "During the quarter, we continued to effectively execute our content strategy, which has resulted in record revenues to-date in 2016 and increased consumption across our media platforms. This growth illustrates meaningful progress against our long-term strategic plan and provides the foundation for achieving our 2017 financial objectives."
The stock traded recently at $18.26, down 4.5 percent.
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