WWE held its Q3 earnings call today. George Barrios was on the call today because Vince McMahon was in Saudi Arabia for Crown Jewel.
George didn’t have a lot of positive news to share on the call. It seems like almost is heading in the wrong direction except Social Media views.
Needless to say… WHAT A NIGHT! #WWECrownJewel pic.twitter.com/Tudo1x06fB
— WWE (@WWE) October 31, 2019
WWE stock closed at $56. This is down about $10. Earnings are down and this dramatically affected the stock today. WWE highlights the following on their press release today:
- Revenues were $186.3 million as compared to $188.4 million in the prior-year quarter
- Operating income was $6.4 million; Adjusted OIBDA was $25.4 million, which exceeded the Company’s guidance
- SmackDown debuted on Fox (Friday, Oct. 4) and averaged 3.9 million viewers during the premiere telecast, up 221% versus the same time slot over the prior four weeks on Fox (9/6-9/27)
- Announced content distribution deal with USA Network to air NXT, expanding the reach of the new live, 2-hour show to further build WWE’s third global brand alongside Raw and SmackDown
- WWE Network averaged 1.51 million paid subscribers, consistent with the Company’s guidance
- Through the first nine months of 2019, digital video views increased 12% on a year-over-year basis to 25.6 billion and hours consumed increased 14% to 957 million hours across digital and social platforms.
As you can see, revenue is down. They also announced live event revenue was down $23 million. They said this was due to fewer events and “weakened performance.”
It sure would be nice to hear their definition of what a weaker performance means. Most likely they just mean fewer people attending, but it’s hard to argue that WWE had a “weaker performance” in a lot of areas.
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