WWE’s second quarter financials dropped today and they had some explaining to do about the 5% drop in the company’s earnings.
The second quarter earnings revealed that revenues declined 5% to $268.9 million from $281.6 million from the previous quarter. This includes a drop in WWE’s media, live events and consumer products business segments.
However, Vince McMahon took the stage and he revealed that the company is making progress in “key strategic initiatives.” They have been completing “distribution agreements” and are preparing for the next phase for the WWE Network as well.
“During the quarter, we made progress on key strategic initiatives. We completed content distribution agreements in key international markets, prepared for the next phase of our WWE Network service, and achieved steady improvement in engagement metrics. As indicated previously, we remain excited about the future, particularly with our debut on Fox in October.”
WWE has a lot of money still being funneled into the company. Their upcoming television deals and agreement with Saudi Arabia will still keep the company in great financial shape for a long time.
Sometimes you have to lose money to make money and that seems to be the spin that McMahon is taking right now as they prepare for what is to come. Apparently, they’re planning big things.