WWE News: Vince McMahon Reacts to Record Profit Making Quarter- Recently WWE had their quarterly investors call for the first quarter of 2022. The company reported a first-quarter revenue to $33.4 million, a record for the company. The net income of the company reached $66.1 million which increased from $43.8 million the previous year. Follow WWE News updates on InsideSport.IN /Follow InsideSport on GOOGLE NEWS
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WWE saw a hike in operating income of 42% earning a total of $92.4 million with WWE landing a number of deals. They also struck a 27m worth of deal for NFT trading cards, e-commerce, and licensed merchandise.
WWE Chairman Vince McMahon on the strong start WWE made to 2022.
“We are off to a strong start in 2022, highlighted by record quarterly revenue and Adjusted OIBDA,” Vince said. “We continued to effectively execute our strategy, including staging the most stupendous WrestleMania ever in early April. WrestleMania, as well as our other successful premium live events such as Day 1, Royal Rumble and Elimination Chamber, further expanded the reach of our brands and enhanced the value of our content as evidenced by increased ticket revenue and viewership. We continue to monetize our intellectual property across various platforms through our media rights agreements, both domestically and abroad, as well as through the monetization of new original series, including our expanded partnership with A&E.”
WWE’s Chief Financial & Administrative Officer Frank Riddick also commented on this brilliant achievement from the company.
“In the quarter, we exceeded the high end of our guidance. Adjusted OIBDA increased 33% reflecting 27% revenue growth. Our strong financial performance was primarily driven by our return to a full live event schedule, including the staging of a successful large-scale international event. These items more than offset the absence of one-time upfront revenue recognition related to the delivery of certain WWE Network intellectual property rights in the prior year period.”
Events like Day 1, Royal Rumble and WrestleMania 38 have given strong start to the first quarter of 2022. This momentum is on course to build up as WWE has huge events in London and the whole European tour also major PPV’s like Hell in a Cell and Money in the Bank coming up.
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