Update: WWE Stock Tumbles - Many Talents Worried
Source: PWInsiderAs noted late last night here on the website, World Wrestling Entertainment issued a press release Friday announcing lower-than-expected earnings when the organization releases fourth-quarter financial results on Feb. 10.
The company anticipates its earnings per share for the three months ended Dec. 31 will range from 8 cents to 10 cents. Analysts were estimating earnings of 17 cents a share. That's a huge drop obviously.
Shares in WWE stock slid $1.13 (8.4 percent), to $12.37 in aftermarket trading after falling 33 cents (2.4 percent) to $13.50 during the regular trading day. Again, that is a major drop.
The news has been picked up by The Associated Press, as well as the WallStreet Journal and TheStreet.com.
Some mid-card wrestlers are already wondering if a talent purge will soon take place since company officials told all of those that were released in November that they were let go due to budget cuts.
WWE dropped 35 main roster talents and 19 developmental talents over the course of 2010, marking the fifth consecutive year in which over 50 talent departures occurred within a calendar year.
We'll keep you posted.