• Loading stock data...
Saturday, September 13, 2025
Tuned In is Almost Sold Out! Limited Tickets Remain!

WWE Beats Q1 Estimates as Coronavirus Impact Lags

  • WWE revenue in the first quarter grew 60% to $291 million.
  • Sports entertainment company offers no 2020 guidance in light of the coronavirus.
Photo Credit: WWE

When WWE postponed its earnings call to a later time closer to the NFL draft, many were expecting the company to disclose more on the impact of the coronavirus pandemic or hear from CEO Vince McMahon about the now-defunct XFL.

Instead, WWE reported a limited impact from pandemic restrictions on first-quarter earnings, while acknowledging continued cuts to operating expenses in response to the outbreak.

The sports entertainment company claimed a 60% increase in year-over-year first quarter revenue to $291 million, led by gains from its new media rights deals with Fox and NBCUniversal. Net income also improved to $53.3 million, compared to a loss of $6.8 million in the year prior. Both results topped analysts’ estimates. 

“COVID-19 had a limited financial impact on us for two-to-three weeks in the quarter. It was negative, but we’ve adapted our business model to produce content in new ways and reduce costs as well,” McMahon said. 

WWE opted not to provide 2020 guidance at this time.

The company’s live event business revenue fell 33% in the period ending March 31. The decline is credited mainly to the staging of 49 fewer events and, to a lesser extent, the coronavirus, it said.

READ MORE: WWE Draws Closer To Rolling Out A New Tiered Streaming Service

A transition to producing live shows behind closed doors at its performance center in Florida has allowed WWE to cut production costs. WWE this month also released or furloughed parts of its roster, cut executive staff salary, and paused construction on its new headquarters. The moves will save the company $4 million per month, Chief Financial Officer Frank Riddick said. 

Ratings for Smackdown, broadcast on Fox, grew 16% in the quarter, while those for Monday Night Raw, which airs on USA Network, declined by the same figure. In the event WWE is no longer deemed an essential business in Florida, McMahon said there are a “number of states” that would welcome the company.

WWE will produce a number of mini-movies during the coronavirus pandemic for weekly programming, similar to WrestleMania 36. The two-night event set viewership records with more than 967 million video views across digital and social platforms.

The event additionally helped grow WWE Network subscribers to 2.1 million on April 5. Added subscribers were a mix of both paid users and consumers that signed up through the company’s limited free trial of its service last month. WWE Network finished the quarter with an average subscriber base of 1.46 million, down 8% year-over-year. 

“We continue to believe in the viability of alternative strategic options for WWE network,” Riddick said. “Our confidence is based on our discussions with multiple partners and consideration of broader industry factors, such as the evolution of new streaming services and increasing value of live sports content.”

READ MORE: WWE Considers Sale of Its OTT Rights

McMahon did not address the shutdown of the XFL, which was relaunched in 2020, on WWE’s earnings call Thursday. A Chapter 11 filing disclosed that WWE owned 23.5% Class B stock of the now-disbanded league. McMahon’s Alpha Entertainment owned the remainder of Class B stock, in addition to all Class A shares of the XFL.

WWE stock is down 40% through the end of trading on April 23. During the quarter, the company signed a new deal with Sony Pictures Networks to distribute its content in India. A similar deal was also struck with DAZN in Germany, Switzerland, and Austria for the sports entertainment company’s weekly programming.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Ohio State Buckeyes linebacker Arvell Reese (8) pursues Texas Longhorns quarterback Arch Manning (16) during the NCAA football game at Ohio Stadium on Aug. 30, 2025.

College Football Enters Week 3 Up 21% in TV Ratings

Total college football viewership across all networks is up big.

Eagles-Chiefs Super Bowl Rematch Could Set More NFL Ratings Records

Fox will nationally televise Sunday afternoon’s matchup.
Sep 6, 2025; Boulder, Colorado, USA; General view of a Fox Sports camera station before the game between the Delaware Fightin Blue Hens against the Colorado Buffaloes at Folsom Field.

Lachlan Murdoch on Fox’s Sports Strategy, FanDuel Plans

The executive calls a forthcoming streaming bundle with ESPN “essential” for fans.

Featured Today

PHILADELPHIA, PENNSYLVANIA - APRIL 19: A detailed view of the MLB Debut patch on the jersey of Patrick Monteverde #44 of the Miami Marlins prior to game against the Philadelphia Phillies at Citizens Bank Park on April 19, 2025 in Philadelphia, Pennsylvania.

The Tiny Jersey Patch at the Center of the MLB Rookie Card..

Autographed cards containing a piece of baseball history have upended the market.
September 10, 2025

ESPN’s ‘MNF’ Ratings Up 8% As NFL Surges to Strong Start

ESPN posts its second-best Week 1 “Monday Night Football” audience.
Sep 7, 2025; Orchard Park, New York, USA; Buffalo Bills fans react during the fourth quarter against the Baltimore Ravens at Highmark Stadium.
September 9, 2025

As Bills Ascend, Their Next Frontier Lies in Canada

Buffalo and the powerful Canadian entity MLSE come together in a new pact.
opinion
September 9, 2025

The Good, The Bad, and The Ugly from NFL’s Week 1 Broadcasts

Many viewers decried the addition of ads to “NFL RedZone.”

NFL’s Expected Early-Season Ratings Boost Gets Off to a Stormy Start

The kickoff game somewhat resembles the delays last year in an SNF game.
Eagles
September 4, 2025

The Death of Streameast Has Been Greatly Exaggerated

Mirror sites began popping up Thursday, the day the NFL season begins.
September 4, 2025

TNT Sports to Try Its Own Streaming App After WBD Split

TNT Sports will have its own app as a corporate split approaches.
Sponsored

How World Series Champ Dexter Fowler Became a Premier League Team Owner

Dexter Fowler discusses navigating retirement and embracing new roles as an owner & investor.
September 4, 2025

3 ABC Games Top 10M Viewers Each in ESPN’s Record CFB Weekend

Miami–Notre Dame led the way with 10.8 million viewers.
September 4, 2025

Bill Belichick’s UNC Debut Draws More Than 6M Viewers on ESPN

TCU-UNC was the fifth-most-watched college football game of Week 1.
September 3, 2025

Ohio State–Texas Showdown Was Most-Watched Week 1 CFB Game Ever

Fox drew 16.62 million viewers on Saturday afternoon.
September 2, 2025

NFL on Nielsen’s Latest Measurement Upgrade: ‘More Work to Be Done’

The league calls its relationship with the agency a “protracted journey.”