WWE announced Q4 2017 earnings on Thursday morning.
It was good news for the company this week, in what they described as a “strong fourth-quarter achieving record results for 2017.”
Some highlights include:
* Revenue was up 9% to $211.6 million compared to last year’s Q4.
* WWE Network average paid subscribers increased to 1.48 million, up from 1.41 last year.
* Overall revenue for WWE in 2017 saw a 10% increase to $801.0 million, in what was described as the highest revenue in the company’s history.
* Digital engagement was up 32% to 20 billion, while social media engagements was up 4% to 1.2 billion from the prior year.
* WWE’s YouTube channel remained the No. 1 most viewed Sports Channel and the second most viewed channel on YouTube with 20 billion lifetime views as of 1/31/18.
* Forbes named WrestleMania as one of the world’s top 10 most valuable sports brands for the fourth year in a row along with the Super Bowl, Olympics, FIFA World Cup and the NCAA Men’s Final Four.
Here is an excerpt from the press release. The full press release is now online.
WWE® Reports Strong Fourth-Quarter Achieving Record Results for 2017
STAMFORD, Conn., February 8, 2018 – WWE (NYSE:WWE) today announced financial results for its fourth quarter and year ended December 31, 2017. For the quarter, the Company reported Net income of $4.8 million, or $0.06 per share, as compared to a Net income of $8.0 million, or $0.10 per share, in the prior year quarter. As discussed below, Net income in the fourth quarter 2017 reflected charges totaling $11.3 million ($0.14 per diluted share) arising from the enactment of the new tax law. Operating income increased to $27.0 million from Operating income of $13.9 million. Excluding items affecting comparability, Adjusted OIBDA increased to $34.8 million from $20.5 million.
“In 2017, WWE achieved record financial results, generating the highest level of revenue and Adjusted OIBDA in the Company’s history. Our operating metrics demonstrate the strength of our content and brands worldwide, which positions us well to achieve our long-term objectives. We will continue to focus on creating compelling content for multiple platforms, leveraging data analytics and capitalizing on international opportunities to drive our continued growth,” stated Vince McMahon, Chairman and Chief Executive Officer.
George Barrios, WWE Chief Strategy & Financial Officer, added “We achieved record revenue that exceeded $800 million, record Adjusted OIBDA that was within the range of our guidance, and record subscriber levels. As we continue to drive WWE’s digital and direct-to-consumer transformation while optimizing the monetization of our long-form content, we expect to balance 2018 OIBDA growth with investment in strategic areas, maximizing our long-term opportunities and shareholder value.”