{"id":32569,"date":"2023-05-03T14:31:01","date_gmt":"2023-05-03T14:31:01","guid":{"rendered":"https:\/\/lynettelockhart.com\/client\/wwe-quarterly-revenue-falls\/"},"modified":"2023-05-03T14:44:51","modified_gmt":"2023-05-03T14:44:51","slug":"wwe-quarterly-revenue-falls","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/wwe-quarterly-revenue-falls\/","title":{"rendered":"WWE quarterly revenue falls on delay in key event"},"content":{"rendered":"<p>(Reuters) -World Wrestling Entertainment Inc on Wednesday reported a drop in first-quarter revenue and operating income due to a delay in a key event but maintained its full-year earnings forecast.<\/p>\n<p>The sports entertainment company said it continues to target &#8220;record revenue&#8221; and adjusted operating income before depreciation and amortization (OIBDA) of $395 million to $410 million this year, sending its share up about 2%.<\/p>\n<p>Revenue at WWE, which is in the process of merging with Endeavor Group-owned Ultimate Fighting Championship (UFC) franchise, declined 11% to $297.6 million in the quarter ended March 31.<\/p>\n<p>The company said revenue fell mainly due to the shifting of a large-scale international event, which occurred in the first quarter of 2022, but this year is expected to occur in the second quarter. <\/p>\n<p>Operating income slumped 43% to $53.1 million dragged by the decrease in revenue. Net income dropped to $36.7 million, or $0.43 per diluted share, from $66.1 million, or $0.77 per diluted share.<\/p>\n<p>Last month, WWE and Endeavor Group signed a deal to combine the wrestling company and mixed martial arts franchise UFC to form a new publicly listed entertainment giant valued at about $21 billion.        <\/p>\n<p>As part of the deal, which is expected to close in the second half of this year, Endeavor will own a 51% stake in the resultant company, while WWE investors will own the rest.<\/p>\n<p> (Reporting by Yuvraj Malik in Bengaluru; editing by Eileen Soreng)<\/p>\n<p><a href=\"https:\/\/lynettelockhart.com\/client\/wwe-quarterly-revenue-falls\/wrestling-wwe-wrestlemania-night-1\/\"><img decoding=\"async\" src=\"https:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ420IK-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ420IK-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Reuters) -World Wrestling Entertainment Inc on Wednesday reported a drop in first-quarter revenue and operating income due to a delay in a key event but maintained its full-year earnings forecast. The sports entertainment company said it continues to target &#8220;record revenue&#8221; and adjusted operating income before depreciation and amortization (OIBDA) of $395 million to $410 [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":32570,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-32569","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ420IK-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/32569","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=32569"}],"version-history":[{"count":2,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/32569\/revisions"}],"predecessor-version":[{"id":32721,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/32569\/revisions\/32721"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/32570"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=32569"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=32569"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=32569"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}