Did A Former World Champion Predict WWE's Recent Pop?
World Wrestling Entertainment, Inc. (NYSE: WWE) has been on a tear recently, rising more than 50 percent since the end of January. The company beat analyst Q4 estimates last week, with revenue up 19 percent to $140.5 million and a negative EPS of $0.01. Live event revenue increased to $26.9 million, showing that its events are still in high demand.
The compan'ys annual Wrestlemania season is now in full swing. Did a former, three-time world heavyweight champion see this rise coming?
In an interview with Benzinga in May of 2014, wrestler-turner-entrepreneur Diamond Dallas Page gave his insight on the struggles of his former company.
"They're gonna bounce back stronger than ever," he said. The company's stock fell about $20 after March 2014 and nearly $10 overnight in May. "There's always a drop after Wrestlemania. Buy in November — by April it'll be through the roof.
"When World Wrestling Entertainment Network goes worldwide, it's gonna be insane," he added. "It's gonna give people like me a whole ‘nother life."
Shares of WWE closed Wednesday at $15.98, down 7.9 percent.
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