2.31%C 7.40 5.37%QQQQ 27.81 2.83%
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STAMFORD, Conn. - World Wrestling Entertainment Inc. on Tuesday reported flat second-quarter profit, missing Wall Street estimates on higher expenses and fewer sales from its live and televised entertainment segment.
| WWE | 11.17 |  -0.06 |
Earnings were $7 million, or 10 cents per share, for the three months ended June 30. Its results in the year-ago period were nearly the same.
Revenue fell about 6 percent to $129.7 million from $137.5 million.
Analysts surveyed by Thomson Financial, on average, forecast earnings of 12 cents per share on revenue of $125.5 million.
Live and televised entertainment businesses sales, which includes WrestleMania, dropped about 16 percent to $86.8 million.
International events revenue increased by about $9.2 million, based on two successful tours in Europe and Australia as well as sales in the Asia Pacific region.
Selling, general and administrative expenses were $37.6 million compared with $25 million in the second quarter of last year, due to increased legal and professional fees and staff-related costs.
Shares fell $1.23, or 7.3 percent, to $15.73 in morning trading. The stock has ranged from $13.35 to $19.86 in the last 52 weeks.
U.S. stocks were mixed on Thursday after retailers reported mostly disappointing sales while other big-name companies announced layoffs and Europ...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
The markets have spoken: risk aversion is still the name of the game and that was obvious since the beginning of the week.
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