Shares of World Wrestling Entertainment rose 3.2 percent Thursday after the company announced it will lay off seven percent of its workforce.
The news came as the Stamford, Connecticut-based company reported a loss of $14.5 million, or 18 cents per share in the secondquarter, compared with a profit of $5.2 million, or 7 cents per share, in the same quarter a year earlier.
“WWE’s core business metrics remain strong, and WWE Network continues to be the single greatest opportunity to transform WWE’s business model,” said CEO Vince McMahon in a statement.
The WWE Network is the company’s video streaming network. WWE announced that it hit 700,000 subscribers at the end of the quarter. WWE may still be able to reach its goal of 1 million subscribers by the end of the year through forthcoming international expansion.
Total returns through July 31 *annualized
Source: FactSetAssociated Press
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