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Shares of World Wrestling Entertainment, Inc. (NYSE: WWE) were trading higher by nearly 5 percent on Tuesday after the company reported first quarter results.
WWE said it earned $0.18 per share in the first quarter on revenue of $171 million. Wall Street analysts were expecting the company to earn $0.10 per share on revenue of $170.6 million.
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WWE noted that its WWE Network averaged 1.29 million paid subscribers in the first quarter, representing a 39 percent increase from the same quarter a year ago. Total subscribers reached 1.47 million at the end of the quarter.
The company also pointed out that its WWE Network reached a record of 1.82 million total subscribers immediately following WrestleMania 32.
Net income for the quarter rose to $13.9 million from $9.8 million a year ago while OIBDA (Operating Income Before Depreciation And Amortization) rose 31 percent over the same time period to $27.6 million.
PWTorch pointed out that WWE Network subscriptions were boosted by about 20 percent over Wrestlemania weekend.
"Our strong performance in the first quarter reflected the successful execution of our content strategy," said WWE Chairman and CEO Vince McMahon. "The sustained year-over-year growth of WWE Network, the global consumption of our video content across all platforms, and the recent record breaking attraction of WrestleMania demonstrate the increasing strength of our brands. We believe we can continue to leverage these strengths to drive long-term growth."
George Barrios, Chief Strategy & Financial Officer, added "Our earnings growth was driven primarily by the increased monetization of our network and television content as well as higher licensing revenue from our franchise video game. Over the next year, we will continue to focus on producing engaging content across all platforms, investing in emerging markets, and deploying technology across the enterprise to drive our long-term growth."
Looking forward to the second quarter, WWE expects its average paid subscriber base to be around 1.5 million and its adjusted OIBDA to be in a range of $5 million to $9 million.
Image Credit: Ed Webster, Flickr
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