WWE Reports Financial Results For Third Quarter Earnings
WWE announced moments ago revenue figures for Q3 2018 and at the same time officially confirmed the fate of Crown Jewel by stating that they will attend the event.
WWE Financial Results
World Wrestling Entertainment (NYSE: WWE): Q3 EPS of $0.37 beats by $0.18.
Revenue of $188.4 million (+1.1% Y/Y) misses by 13.65 million. Operating income of $18.1 million.
Adjusted OIBDA (WWE‘s primary financial metric) increased to $35.8. million.
Digital engagement increased with video views up 61% to 22.9 billion.
WWE Crown Jewel
On the Crown Jewel event:
"WWE has operated in the Middle East for nearly 20 years and has developed a sizable and dedicated fan base. Considering the heinous crime committed at the Saudi consulate in Istanbul, the Company faced a very difficult decision as it relates to its event scheduled for November 2 in Riyadh. Similar to other U.S.-based companies who plan to continue operations in Saudi Arabia, the Company has decided to uphold its contractual obligations to the General Sports Authority and stage the event. Full year 2018 guidance is predicated on the staging of the Riyadh event as scheduled"
WWE Stock
October has been unkind to WWE stock. After reaching an all-time high of $97.36 on October 1st, WWE has fallen 20.53% to $77.37 on the close yesterday.
The 3Q earnings currently has WWE stock trading at $77.00 in pre-market trading, possibly due to the revenue miss.
Catch Yourself Up: Last 3 Weekly Highlights
Weekly Highlights #3, Week of 10/15 through 10/19
Weekly Highlights #2, Week of 10/08 through 10/12
Weekly Highlights #1, Week of 10/01 through 10/05
WWE Conference Call Information
WWE will host a conference call at 11:00 AM EST. From WWE Investor Relations:
"All interested parties are welcome to listen to a live web cast that will be hosted through the Company’s web site at corporate.wwe.com/investors. Participants can access the conference call by dialing 855-200-4993 (toll free) or 323-794-2092 from outside the U.S. (conference ID for both lines: 1543754). Please reserve a line approximately 10 minutes prior to the start time of the conference call.The earnings presentation referenced during the call will be made available on October 25, 2018 at corporate.wwe.com/investors. A replay of the call will be available approximately two hours after the conference call concludes, and can be accessed on the Company’s web site."
Disclosure: I have no positions in WWE stock and no plans to initiate any positions within the next 72 hours. Investors should do their own due diligence before making any investment decisions.