World Wrestling Entertainment — the wrestling giant formerly known as WWF — saw Q3 net income plunge 37.6 percent to $5.3 million ($.07 per share) from last year’s $8.5 million ($.12 per share). Revs were practically flat, coming in $108.8 million, compared to last year’s $108.1 million. Operating income was $7.9 million versus $13.4 million last year. On the digital side, net revs were up slightly to $7.9 million compared to $7.7 last year. In the nine months ended Sept. 30, 2008, net revs were up $23.9 million, compared to $22.9 million last year. Explaining how the company found itself pinned to the mat in Q3, Linda McMahon, CEO, blamed the economy, but insisted that the WWE is moving ahead with at least $20 million of cost savings next year — though she didn’t specify what that meant.
Release | Webcast (11 AM ET) | Transcript via Seeking Alpha
Photo Credit: WWE
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