World Wrestling Entertainment Inc (NYSE:WWE), the sports entertainment group, delivered a record-breaking second quarter for 2023, marked by the most successful WrestleMania in history.
The company reported second-quarter revenue of $410.3 million, up 25% over 2022, and operating income of $87.3 million, a rise of 26%. Adjusted earnings jumped 54% to $140.7 million, with net income rising from $49.0 million to $52.0 million.
Highlights included WrestleMania 39's gate revenue exceeding $21.6 million, sponsorship revenue over $20 million, and merchandise sales up 20% from the previous year.
Live events revenue soared by 51%, with significant viewership growth across WWE's flagship programs. WWE reaffirmed its 2023 adjusted operating income before depreciation and amortization projection of $395-$410 million and expects to generate record revenue this year.
The stock, up 54% year-to-date at $105.60, looks to have largely priced in the stellar financial performance as traded sideways pre-market.