World Wrestling Entertainment, Inc. (NYSE:WWE) reported better-than-expected results for its first quarter.
The Stamford, Conn.-based company reported revenues increased 60% to $291.0 million as compared to the prior-year quarter
Operating income was $53.3 million as compared to a loss of $6.8 million in the prior year quarter
WWE also announced multi-year distribution agreements with Sony Pictures Networks in India and DAZN in Germany to extend the reach of WWE content across television and digital platforms
WWE Network average paid subscribers were 1.46 million, consistent with the Company’s guidance. Digital video views increased 25% to 9.6 billion and hours consumed increased 15% to 344 million across digital and social media platforms
Due to COVID-19 and related government-mandated impacts on WWE moving forward, the Company has implemented various short-term cost reductions and cash flow improvement actions.
"These precautionary measures," according to Friday’s news release, "include reducing executive and board member compensation, decreasing operating expenses, cutting third-party staffing, consulting and talent costs, and reducing employee headcount by way of furlough."
Shares soared $5.81, or 14.9%, to $44.88.
