Why World Wrestling (WWE) Hit a Fourteen-Year High Today

NEW YORK (TheStreet) -- World Wrestling (WWE) hit a fourteen-year high of $24.96 on Thursday after the company reported its fourth-quarter earnings.

WWE reported a 2.9% year-over-year increase in revenue to $118.4 million from $115.1 million, which surpassed the Capital IQ consensus estimate of $116.4 million. Net loss was $7.9 million, or 10 cents per share, compared to income of $0.6 million, or one cent per share, in the same quarter one year earlier. This fell short of the consensus estimate of a five-cent loss. Fourth-quarter OIBDA decreased to a $5.6 million loss from $8.5 million income in the same period one year earlier.

"The decline in OIBDA and operating income was primarily attributable to increased investment in staffing, talent and marketing to support our strategic content initiatives, including the launch of WWE Network," the company wrote in its report. "Lower sales of new DVD releases and a corresponding shift in product mix to lower priced catalog titles, as well as compressed television production margins that derived from changes in the mix of programming also contributed to the year-over-year decline."

The WWE Network debuts on Monday, Feb. 24 at 9 a.m. ET.

The stock had a volume of 1,530,295, which exceeded its average of 638,413. It hit a low of $21.90 for the day and holds a one-year low of $8.20. The stock closed at $24.74, up 7.57% or $1.74 from its previous close of $23.

Must Read: Why World Wrestling Entertainment (WWE) Is Down Today

WWE Chart

WWE data by YCharts

More from Markets

FTC Chair Says Agency Is Ready to Take on Big Tech; Walgreens Joins Dow -- ICYMI

FTC Chair Says Agency Is Ready to Take on Big Tech; Walgreens Joins Dow -- ICYMI

Dow Gets Swept Into Nasty Reversal Even as Nasdaq Posts New Record

Dow Gets Swept Into Nasty Reversal Even as Nasdaq Posts New Record

Zoom CEO Eric Yuan Leads Glassdoor's List of Top 100 CEOs

Zoom CEO Eric Yuan Leads Glassdoor's List of Top 100 CEOs

REPLAY: Jim Cramer on Fed Rate Hikes, Oil Prices and Starbucks Worries

REPLAY: Jim Cramer on Fed Rate Hikes, Oil Prices and Starbucks Worries

3 Must Reads on the Market From TheStreet's Top Columnists

3 Must Reads on the Market From TheStreet's Top Columnists