WWE Q1 2021 Financials Released: Net Income Up, Revenue Down 9%
WWE drops its latest set of financial reports ahead of next month's shareholder's meeting.
WWE's latest set of financial reports dropped yesterday, with the company reporting net income of $43,8 million for Q1 2021.
This is up considerably from the Q1 2020 total of $24.1 million. The new Peacock deal is partly responsible for this big leap, as WWE's first upfront payment from selling content rights to NBCUniversal hit this quarter.
Revenue was actually down from Q1 2020's $291 million, hitting $263.5 million for Q1 2021. Part of this can be attributed to the like of a Saudi Arabian live event this quarter. Last year, WWE's Q1 2020 revenue was bolstered by the Super ShowDown event in Riyadh.
The pandemic's obvious impact meant live event revenue plummeted from $17.5 million in Q1 2020 to $472,000 in Q1 2021.
WWE's earnings per share sat at $0.51, which is more than double the company's initial projections.
Per its own projections, WWE remains on course to hit Adjusted OIBDA (the organisation's preferred profit-measuring metric) of between $270-$305 million in 2021. The $286.2 million it made in 2020 was a company record.
WWE's full Q1 2021 financial documents can be found here, on the company's Corporate website.