WWE rolls off the mat and beats Wall Street estimates in Q1 as Peacock Haul makes up for losses from live events – Deadline

WWE reported first quarter revenue of $ 263.5 million, down 9% from a year earlier, but ahead of Wall Street estimates as the company begins to get out of the Covid-19 impasse.

Earnings per share also more than doubled analyst consensus expectation, reaching 51 cents from 31 cents a year ago.

The company’s signature live events were all but wiped out during the pandemic, but they are slowly returning to the calendar as viral trends improve. A major influx of revenue also came in the quarter, as the standalone WWE Network was absorbed by the NBCUniversal streaming service, Peacock.

The March 18 launch of WWE Network’s programming on Peacock was followed by NXT’s switch to Tuesday nights this month on Network’s longtime partner USA.

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Wrestlemania 37, the annual pay-per-view show held this month at Raymond James Stadium in Tampa Bay, was the most-watched live event in Peacock history, WWE has said. While they don’t offer specific numbers, the No.1 ranking is remarkable given that the year-old streaming outlet offers Premier League football as well as a range of other sports to the players. United States.

Company founder and CEO Vince McMahon said his company’s emergence after the dark days of Covid – which doomed his efforts to revive the XFL in addition to significant losses for WWE – has been gradual. “At first we were in survival mode, but then we found a way,” he said on a conference call with analysts.

Nick Khan, the former CAA television co-director who joined WWE several months ago as president and chief revenue officer, said trends in sports media are helpful for the business. The NFL’s long-term rights deal with Amazon, for example, indicates that streaming is a lucrative trend. Khan said WWE is purchasing the same package that migrated from Peacock to international streaming outlets.

WWE executives hold a conference call with Wall Street analysts. Check back for updates.


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