WWE released its first quarter business report for the fiscal year 2018. The report lists $187.7 million in total revenue and $14.8 million in profits, as compared to $188.4 million in revenue and $900,000 in profits for the same quarter in 2017.
The revenue came up short of Wall Street’s expected $194.3 million, but profits were way ahead of expectations of $10 million to $11 million. Although WWE’s stock is up nearly 80% in the past year, a mixed first quarter had some investors tap out on Thursday morning. WWE’s stock now runs for $41.39 per share, as of this writing.
WWE also reported 1.56 million paid WWE Network subscribers, up 5% and ahead of its previous count of 1.53 million. The company also reported a 56% increase in digital video views as compared to the same quarter last year. WWE has a projected 1.77 million paid Network subscribers on average for the second quarter and aims OIBDA for 2018 to hit $150 million, which would make 2018 a record-breaking year for the biggest wrestling promotion in the world.
WrestleMania 34 was the most watched event pulling in 2.12 million global households on the WWE Network. It is also reported that subscribers watched a total of 25.2 million hours of content on the WWE Network during WrestleMania weekend, up 12% from last year’s WrestleMania 33. WWE content also made a record 50 million+ YouTube views on April 9, 2018.
“We’re pleased with our continued success in creating and monetizing our content as evidenced by another record-breaking WrestleMania, which set new highs for network subscribers and viewership,” CEO Vince McMahon said in a statement.
WrestleMania 34 also broke the record for the Mercedes-Benz Superdome’s highest grossing entertainment event at $14.1 million, with an attendance of 78,133.