WWE Turns to Cost-Cutting

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World Wrestling Entertainment Inc.’s net income for its fiscal third quarter rose despite revenues falling about 15%, the company said Tuesday.

WWE reported revenue of $79.1 million for the period ending Jan. 23, versus $92.6 million in the year-earlier quarter.

Net income for the quarter was $8.9 million, or 13 cents per share, versus $6 million (9 cents) in the prior-year period.

The wrestling organization said it only aired two pay-per-view events during the quarter, compared with three in the year-ago period.

It added that revenue from live events was down approximately 27% due to lower attendance and fewer events being held.

"Improved operating results across our television, advertising and home-video businesses, coupled with a continued decrease in our overhead, contributed to a strong and profitable quarter," CEO Linda McMahon said in a prepared statement.

"Management remains focused on execution and continuing to improve our profitability," she added.

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