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WWE today announced financial results for its first quarter ended March 31, 2014. For the quarter, the Company reported a Net loss of $8.0 million compared to Net income of $3.0 million in the first quarter last year. The decline in Net income was driven by the Company’s launch the WWE Network and lower results from its video game licensing business.
“For the quarter, our earnings reflected the launch of our WWE Network, which delivers unparalleled depth of programming, ease of use and value to our fans. With almost 670,000 WWE Network subscribers in the U.S. and nearly 400,000 domestic pay-per-view buying homes for WrestleMania 30, we are confident that we will reach our goal of 1 million subscribers by the end of 2014,” stated Vince McMahon, Chairman and Chief Executive Officer. “To drive WWE Network subscriber growth, we are highly focused on further developing our programming, expanding distribution platforms and executing customer acquisition campaigns. The expansion of WWE Network in the U.S. and international markets will provide a platform for long-term growth over the coming years.”
The full press release can be read at here.