WWE Shares Flat on the Canvas Again

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© Reuters. © Reuters.

By Kim Khan

Investing.com – World Wrestling Entertainment (NYSE:) took another tumble Thursday as its quarterly results disappointed already-pessimistic investors.

The stock fell 9% in afternoon trading.

Shares are at their lowest level since May 2018.

WWE shares had already been slammed at the end of January when it announced it was making changes at the top, based on “different views on how best to achieve our strategic priorities.”

The company said Co-Presidents George Barrios and Michelle Wilson would be leaving, with board member Frank A. Riddick III taking the role of interim chief financial officer.

Before the bell, WWE reported of 78 cents per share on revenue of $322.8 million.

Profit was ahead of the 74 cents per share expected by analysts polled by Investing.com, but revenue fell short of the forecast of $333.7 million.

WWE said it was planning on undertaking strategic alternatives to improve monetization this year, including distribution in the Middle East and India.

Excluding those costs, adjusted operating income before depreciation and amortization (OIBDA) is expected to be $60 million to $65 million in the first quarter and $250 million to $300 million for 2020.

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