WWE today announced the Q1 2020 financial results ended March 31.
The company’s revenues increased 60% to $291.0 million as compared to the prior year quarter while operating income was $53.3 million as compared to a loss of $6.8 million in the prior year quarter.
“Our first quarter financial performance was strong and largely unimpacted by the COVID-19 outbreak,” said Vince McMahon, WWE Chairman & CEO. “Now we are in the midst of unprecedented times, which require us to be especially nimble, creative and efficient in order to ensure the long-term value of WWE. We are taking precautions to protect the health and safety of our performers and staff as we produce content in new ways, engage fans with a much-needed diversion and operate effectively in this evolving environment.”
Frank Riddick, interim Chief Financial Officer, added “In the quarter, we delivered revenue of $291 million and Adjusted OIBDA of $77.3 million exceeding our rescinded guidance as we offset the impact of canceled events by reducing production and other costs. Given the current uncertainties of the potential impacts of COVID-19 on our business, we have reduced employee, talent and other costs and delayed approximately $140 million in capital spending related to our new headquarters to strengthen our financial performance going forward and to ensure we have the resources necessary to execute our value creation strategy.”
The full press release can be read at the WWE Corporate website.