Earnings: WWE Net Income Falls 37.6 Percent; Revs Remain Flat
This story was written by Amanda Natividad.
World Wrestling Entertainmentthe wrestling giant formerly known as WWFsaw Q3 net income plunge 37.6 percent to $5.3 million ($.07 per share) from last year's $8.5 million ($.12 per share). Revs were practically flat, coming in $108.8 million, compared to last year's $108.1 million. Operating income was $7.9 million versus $13.4 million last year. On the digital side, net revs were up slightly to $7.9 million compared to $7.7 last year. In the nine months ended Sept. 30, 2008, net revs were up $23.9 million, compared to $22.9 million last year. Explaining how the company found itself pinned to the mat in Q3, Linda McMahon, CEO, blamed the economy, but insisted that the WWE is moving ahead with at least $20 million of cost savings next yearthough she didn't specify what that meant.
Photo Credit: WWE
By Amanda Natividad