WWE officials have been constantly criticised for hosting WWE events amid the global outbreak of the coronavirus pandemic. However, WWE has seemingly been blessed with huge profits and sales after furloughing a number of WWE wrestlers and other employees. According to reports, WWE has already reaped the benefits of releasing close to 40 percent of its staff after the company reported a steady rise in earnings and revenue. Here’s a closer look at the WWE profit, scales, and other financial elements surrounding WWE for the past few weeks.
WWE recently released a handful of wrestlers from their current roster inclusive of Rusev and the organisation is reportedly doing well in terms of finances after letting just under half the staff go. WWE shares reportedly saw a consistent rise to 12 percent in extended trading on Thursday after the reported fiscal first-quarter net income settled at $26.2 million. Interestingly, over a year ago, WWE reported a loss of 11 cents per share but at the current position, the profits are stable at 31 cents per share. The revenue has also increased up to 60% to a record $291 million from last year’s $182.4 million revenue.
WWE CEO Vince McMahon and Chief Financial Officer Frank Riddick III recently analysed the scenario amid the coronavirus outbreak on a conference call. The duo revealed that lack of live sports in recent days has led to a record-breaking 967 million views on WrestleMania 36. “We’ve adapted our business model in new ways and cut costs to offset the economic impact of COVID-19. This is a challenging environment... and we need to think of doing things differently, which could mean more movies, original programming on the WWE network and cable television, and thematic taped presentations of wrestling matches” said Vince McMahon earlier this week.