The job reductions would affect about 53 of the 762 positions the company said it had in February.
The wrestling entertainment producer is struggling to attract viewers to its online streaming service meant to stem revenues declines from pay-per-view sources. The WWE Network ended the quarter with 700,000 subscribers, an addition of 33,000 for the three months ending June 30, according to the Hartford Courant.
Must Read: Warren Buffett's 25 Favorite StocksSTOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. WWE has said it need at least 1.3 million subscribers to replace the lower traditional revenues, and looks to reach the 1 million mark by year's end. Yesterday, WWE reported a net loss of $14.5 million, or 19 cents per share, compared to net income of $5.2 million, or 7 cents per share, in the same period a year ago. On an adjusted basis the loss was $13.5 million, or 18 cents per share. That result came in 3 cents better than the 21 cent loss analysts expected. Shares of World Wrestling Entertainment closed up over 3% at $12.48 yesterday. TheStreet Ratings team rates WORLD WRESTLING ENTMT INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation: "We rate WORLD WRESTLING ENTMT INC (WWE) a HOLD. The primary factors that have impacted our rating are mixed ? some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and increase in stock price during the past year. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity." STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts