WWE has recently announced its earnings for the second quarter of this year and has surprisingly exceeded the expectations of pundits.
WWE is going through a transitional phase following the allegations against its former CEO, Vince McMahon. The 76-year-old had to retire following the hush-money scandal that was uncovered recently. Many analysts predicted that Mr. McMahon’s last quarter as the CEO might see a decline in the company’s earnings.
But, did that happen?
No, in fact, the company has exceeded analyst anticipations and earned even more income than last year. The new WWE regime led by Stephanie McMahon, Nick Khan, Triple H, and more recently hosted a Second Quarter 2022 Earnings call from their headquarters in Stamford, CT.
WWE announces its earnings for the second quarter of this year
The biggest pro wrestling company in the world has earned more money than last year despite all the controversies going on. WWE earned a net income of $49 million in its second quarter from its pay-per-views and live events. Last year, the company earned $29.2 million in the second quarter. Not just revenue and earnings, WWE’s operating income has also grown by 50% to $69.3 million.
In fact, the overall revenue has increased by 24% to $328.2 million in this quarter when compared to 2021. During the earnings call, WWE’s chief financial and administrative officer Frank A. Riddick talked about the prime reason for the increase and said:
“Our revenue increased primarily due to the return of a full schedule of live events…”
Well, it seems the company has proved all the analysts wrong and made good money in its second quarter of 2022. This could be good news as WWE is expecting to renew its U.S. media rights for its two flagship shows.
Has the Vince McMahon controversy affected the earnings of the company?
Last year, WWE earned $529 million in the first half. But, this year, it has made $661 million which is a huge difference. During the earnings call, WWE also addressed the ongoing controversy against its former CEO. The revised financial statements indicate Vince McMahon paid a total of $19.6 million from 2006 to 2022. However, that has not affected WWE’s Q2 earnings and has instead shown good growth than 2021.
Anyway, looking at the first half of 2022, WWE might earn more money in its second half as well. With the company going to UK and Saudi later this year, it would be interesting to see how much revenue the new WWE regime generates in the last six months of 2022.
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