Why TKO Group Holdings Stock Crushed the Market Today

TKO Group Holdings (NYSE: TKO), the specialty entertainment company that owns both World Wrestling Entertainment (WWE) and the Ultimate Fighting Championship (UFC), had its hand raised in victory Thursday. Its stock raced nearly 7% higher across the day, thanks to a strong second-quarter earnings report. With that performance it put the hurt on the S 500 index, which rose by a relatively light 2.3%.

That morning before market open, TKO revealed it earned slightly over $851 million for the period, setting a new quarterly record. That was nearly triple the second-quarter 2023 result of $305 million. Net income based on generally accepted accounting principles (GAAP) also bounced well higher, coming in at almost $151 million ($0.72 per share) compared to the year-ago profit of just under $82 million.

According to data compiled by Yahoo! Finance, on average the analysts tracking TKO stock were modeling only $771 million for revenue. On the other hand, they were anticipating a higher bottom-line figure of $0.87 per share.

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Source Fool.com