World Wrestling Entertainment Inc.WWE reported first-quarter 2016 adjusted earnings of 18 cents a share, beating the Zacks Consensus Estimate of 11 cents. The company's bottom line also increased 38.5% year over year.
Earnings Estimate Revision: The Zacks Consensus Estimate for 2016 has witnessed downward revision over the last 60 days.
Revenues: WWE generated revenue of $171.1 million that surpassed the Zacks Consensus Estimate of $169 million but declined 2.9% year over year.
Results were primarily driven by increase in WWE Network subscriber base and increase in international revenue. WWE Network paid subscribers increased 39% to 1.29 million from the year-ago quarter.
Management is strengthening and expanding the WWE Network which includes creation of new content, implementation of programs which will have higher customer attraction and retention power, introduction of new features, expansion of distribution platforms and entering into new regions.
Zacks Rank: Currently, World Wrestling Entertainment carries a Zacks Rank #2 (Buy) which is subject to change following the earnings announcement.