WWE today announced their Q1 2015 financial results, with a reported Net income of $9.8 million, compared to a Net loss of $8.0 million in the first quarter last year.
“During the quarter, we generated record quarterly revenue and strong earnings growth, reflecting our strategy to realize greater value from our content across multiple platforms,” said WWE Chairman and CEO Vince McMahon. “We believe that we are on a path to significant growth as we continue to expand WWE Network and innovate faster than ever.”
Company stocks went up to $15.44 per share thanks to strong premarket trading but they quickly fell off in the high $13’s an hour later.
“Our strong earnings growth was driven primarily by the escalation of our television rights fees and the expansion of WWE Network subscribers. For the quarter, our OIBDA surpassed our public guidance,” added George Barrios, Chief Strategy & Financial Officer. “WWE Network subscribers watched an estimated average of 53 hours of content per household over the quarter putting it among Netflix and the top cable and broadcast networks in terms of viewer hours per household. Additionally, WrestleMania 31 was viewed in more homes globally than ever before. Our ability to engage our global fan base reinforces our view that successful execution of our WWE Network strategy can generate meaningful economic returns.”
The full press release can be read in a pdf file here.