WWE first quarter 2017 results, overall revenue increases by 10%

WWE first quarter 2017 results

WWE first quarter 2017 results were released on Thursday morning (May 4). Overall revenue was up 10% to $188.4 million, up from $171.1 million in the prior year.

Some other highlights included:

* WWE Network averaged 1.49 million paid subscribers, a 16% increase from 2016.

* New partnerships were announced with HBO and StubHub.

* WrestleMania 33 broke the attendance record at Camping World Stadium/Orlando Citrus Bowl in April drawing 75,245 fans.

* WrestleMania 33 reached 1.95 million global households making it the most-watched WrestleMania in company history.

You can check out a portion of the full press release below.

WWE® Reports First Quarter 2017 Results

STAMFORD, Conn.–(BUSINESS WIRE)– WWE (NYSE:WWE) today announced financial results for its first quarter ended March 31, 2017. For the quarter, the Company reported Net income of $0.9 million, or $0.01 per share, as compared to $13.9 million, or $0.18 per share, in the prior year quarter. Operating income was $4.0 million as compared to $22.0 millionin the prior year quarter. Excluding items affecting comparability, Adjusted OIBDA1 was $18.6 million as compared to $27.6 million in the prior year quarter.

“We are pleased with the continued growth of WWE Network, which is a critical building block of our content strategy,” said WWE Chairman & CEO Vince McMahon. “The recent production of WrestleMania set records for network viewership as well as digital and social engagement. As we leverage continuing innovation to extend our reach in India, Chinaand around the world, we are confident that the enduring and increasing global power of our brands will provide a solid foundation for long-term growth.”

George Barrios, Chief Strategy & Financial Officer, added, “During the first quarter, increases in key operating metrics, including event attendance, network subscribers and global content consumption, supported strong 10% growth in revenue. As anticipated, our earnings reflected the timing of certain expenses, a significant portion of which are expected to reverse over the coming months. As we continue to focus on producing engaging content across all platforms, we remain on track to achieve our 2017 financial objectives with record revenue, record Adjusted OIBDA results, and record subscriber levels.”