World Wrestling Entertainment Shrugs Off COVID-19 With Strong Q1
Shares of World Wrestling Entertainment (NYSE: WWE), a producer of live wrestling events and programming, are jumping 14% higher Friday afternoon after the company released a strong fiscal first quarter.
WWE has taken some criticism for continuing to hold live events during the COVID-19 coronavirus outbreak, but without competition from other events and live sports, its business surged during the first quarter. Revenues jumped a staggering 60% to $291 million compared to the prior year, topping analysts' estimates of $272 million. Net income checked in at $0.31 per share, well above the prior year's loss of $0.11 per share and ahead of analysts' estimates of $0.26 per share. WWE Network average paid subscribers were in line with guidance at 1.46 million, digital video views jumped 25% to 9.6 billion, and hours consumed increased 15% to 344 million across its digital and social media platforms.
Image source: Getty Images.
Source Fool.com
