November 4, 2019 Observer Newsletter: WWE financials, Crown Jewel, more
We’ll have a more detailed look next week, but the WWE financial numbers, while beating profit estimates, indicated far more core business declines.
Still, it was more a combination of uncertainty regarding what were expected to be lucrative new contracts in the U.K., India and Middle East as that were talked about more when it came to the huge stock decline after the numbers came out.
WWE stock fell $10,40 per share to $56.04, leaving the company with a market value of $4.408 billion.
The key area of concern to me would be the WWE Network and really all business metrics that involve actual consumer spending.
For the third quarter, the WWE grossed $186,383,000 in revenue and turned a $5,862,000 profit. During the same period last year the company grossed $188,391,000 and turned a $33,691,000 profit. The gross was down even though all the television deals were up. Wall Street was not expecting any profit, but was expecting $192 million in revenue.
Current subscribers click here to continue reading.
Dave Meltzer is the founder and lead writer on the Wrestling Observer Newsletter, the weekly constant when it comes to news and reviews in pro wrestling and mixed martial arts for more than 40 years. Dave also co-hosts Wrestling Observer Radio with Bryan Alvarez and had had bylines for The National, Yahoo Sports, MMA Fighting and others.