BY DAVID BIXENSPAN – NOV 1, 2019
It shouldn’t matter for too long, but Wall Street was not happy with the numbers in World Wrestling Entertainment’s third quarter report for investors. As a result, company stock tumbled 15.65% by the end of the trading day, falling by $10.40, from $66.44 to $56.04. Specifically, WWE changed their profit guidance for the whole of 2019, and that appears to have led to a bit of a sell-off.
“The Company has modified its full year 2019 guidance to an Adjusted OIBDA [Operating income before depreciation and amortization)] range of $180 million to $190 million, which would be an all-time record,” reads the report. “The change is attributable to the delay in completing a previously contemplated agreement in the MENA [Middle East and North Africa] region and the impact of accelerated investment to support content creation. While the Company continues to work toward the completion of a MENA agreement, no assurances can be given in this regard. The Company expects to have clarity on this point in advance of providing guidance for 2020.”
“In the quarter, we accelerated strategic investments to support our content creation,” said WWE co-president George Barrios. “Although we have modified our 2019 guidance of Adjusted OIBDA to a range of $180 million to $190 million, performance in this range would still be an all-time record. We continue to believe in WWE’s global growth potential and remain focused on … Read More HERE