WWE shares went wild on Tuesday.
Shares of the company gained more than 19% on Tuesday after the company released news that subscribers to its WWE Network finally broke through 1 million.
“We’re thrilled that we’ve surpassed the 1 million subscriber milestone less than a year after launching WWE Network and in advance of WrestleMania, our biggest event of the year on March 29,” WWE CEO Vince McMahon said. “We remain focused on delivering an outstanding value proposition for our fans by adding new content and new features in the coming year.”
This milestone has actually been a long time coming. Analysts have been estimating that WWE needed to add around 1.4 million subscribers in order to make up for lost earnings from its pay-per-view business.
In July, the company announced a round of strategic measures which involved cutting 7% of its workforce.
And even with today’s gains, the stock is still down 40% in the last year.
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