World Wrestling Entertainment (NYSE: WWE) reported Q2 EPS of $0.01, versus $0.07 reported last year. Revenue for the quarter came in at $199 million, versus $150.2 million reported last year.

WWE Network reached a record of 1.52 million average paid subscribers over the second quarter 2016, which represented a 25% increase from the second quarter 2015.

Outlook:

For the third quarter 2016, the Company projects average paid subscribers to WWE Network of 1.49 million (+/- 2%), representing a year-over-year increase of approximately 27%. The third quarter subscriber forecast represents a sequential decline of 2% from the second quarter 2016, which compares to the 4% decline from the second to the third quarter 2015.

The Company also estimates third quarter 2016 Adjusted OIBDA3 of approximately $24 million to $28 million. This range represents an expected year-over-year increase from $23.4 million in the third quarter 2015 primarily due to the increased monetization of the Company’s video content and the continued strong performance of its Live Events business.

2016 Perspective

WWE management has previously indicated that if the average paid subscribers to WWE Network increases at a rate between 20% and 25% in 2016, 2016 Adjusted OIBDA could be in a range of approximately $70 million to $85 million. If recent overarching trends regarding the acquisition and retention of subscribers continue over the remainder of 2016, management continues to believe average paid subscriber growth would be at the upper end of its range and 2016 Adjusted OIBDA would be between $80 million and $85 million. The range of 2016 Adjusted OIBDA includes the previously communicated incremental investment of $15 million to $20 million in content, technology and emerging markets. As recent historical data may not offer a comparable basis for projecting future results and future results may differ from the range provided, management offers these ranges of 2016 subscriber growth and financial performance to provide further perspective rather than as guidance.

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