World Wrestling Entertainment Profit Slides

Stamford, Conn. -- World Wrestling Entertainment (WWE Quote) said Tuesday its fourth-quarter profit dropped 37% but met analysts' estimates, as the sports entertainment company said it will hold off on expanding and upgrading its media center until economic conditions improve.

Net income declined to $13.6 million, or 18 cents per share, to meet the expectations of analysts surveyed by Thomson Reuters. That compared with a profit of $21.5 million, or 30 cents per share, a year earlier.

For the period ended Dec. 31, revenue slipped 5% to $125.4 million from $132.6 million, mostly on a drop-off in live and televised entertainment revenue.

The results narrowly missed Wall Street's estimate of $125.9 million.

WWE's decision to suspend work on its media center comes on the heels of its announced job cuts. Last month the company said it would eliminate more than 60 jobs, or about 10% of its staff, as part of a broader cost-reduction plan. WWE said the cuts would occur across all areas of the approximately 600-employee company, yielding expected annual savings of $8 million in compensation and benefit costs.

Earnings for the year fell 13% to $45.4 million, or 62 cents per share, from $52.1 million, or 72 cents per share, in the previous year.

Annual revenue improved to $526.5 million from $485.7 million.

World Wrestling Entertainment's stock gained 18 cents to $9.50 in afternoon trading.