WWE closes well off lows after releasing WrestleMania viewer data
Shares of World Wrestling Entertainment (WWE), the media company behind the production and distribution of wrestling content through various channels, including its WWE Network, television rights agreements, pay-per-view event programming, and live events, spiked higher in late afternoon trading following a press release from the company that showed a 9% increase in WrestleMania viewers on Sunday night. WRESTLEMANIA: WWE announced that its digital streaming service, WWE Network, reached a record 2.12M total subscribers following Sunday night's WrestleMania. This is a 9% increase from April 3, 2017, the day after WrestleMania last year. "We expect to deliver record subscriber levels, revenue and adjusted OIBDA in 2018," said WWE co-president George Barrios. "WWE Network's continued growth along with our massive reach across traditional television as well as digital and social platforms, reaffirms the effectiveness of our global, multi-platform content strategy." GUIDANCE: In addition to the WrestleMania data, the WWE release featured raised guidance both for Q1 and FY18. The WWE now sees Q1 adjusted OIBDA -- or Operating Income Before Depreciation and Amortization -- of at least $30M, exceeding its previous guidance of $23M-$27M. For FY18, the WWE sees adjusted OIBDA of at least $145M, exceeding its previous guidance of at least $140M. That number, if reached, would be an all-time record. PRICE ACTION: While shares of WWE still closed down 1.3% in Monday's session, closing at $37.03, they spiked higher following the company's late day release, and finished the day well off their intraday low of $36.28.