UPDATE 1-WWE Q2 profit misses Wall Street view by a cent
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Aug 5 (Reuters) - World Wrestling Entertainment Inc's (WWE.N) quarterly profit missed analysts' average estimate by a cent, hurt by higher expenses and lower revenue from its live and televised entertainment segment, sending its shares down 6 percent.
The sports entertainment company earned $7.0 million, or 10 cents a share, for the second quarter ended June 30. The results were flat compared with last year.
Revenue for the company, which produces and promotes wrestling matches for live audiences and television, fell about 6 percent to $129.7 million.
Analysts on average expected earnings of 11 cents a share, before exceptional items, on revenue of $123.2 million, according to Reuters Estimates.
Selling, general and administrative expenses rose 50 percent $37.6 million, partly due to higher legal and professional fees and staff-related costs.
Revenue from its live and televised entertainment businesses, which includes the popular WrestleMania series, fell nearly 16 percent to $86.8 million in the quarter.
The company licenses characters for merchandise and sells DVDs and videos, all of it showcasing over 130 wrestling stars like Hollywood Hulk Hogan, The Rock and The Undertaker.
Shares of WWE were trading at $16 before the bell. They closed at $16.96 Monday on the New York Stock Exchange. (Reporting by Dilipp S. Nag in Bangalore; Editing by Himani Sarkar)
