UFC, WWE Parent TKO Raises Guidance Again, Stock Surges
![UFC, WWE Parent TKO Raises Guidance Again, Stock Surges UFC, WWE Parent TKO Raises Guidance Again, Stock Surges](https://i0.wp.com/www.investopedia.com/thmb/39D1FgUxlCxat91JF_7UzvG-_iA=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/GettyImages-2164715114-828388942e874be989bd4d37b158c20e.jpg?w=780&resize=780,470&ssl=1)
Key Takeaways
- TKO Group Holdings raised its full-year revenue projection for the second straight quarter.
- The WWE and UFC owner saw record revenue of $851.2 million, which beat expectations.
- TKO was created last September through a combination of WWE and Endeavor Group Holdings.
TKO Group Holdings (TKO) stock rallied Thursday after the company reported record quarterly revenue Thursday and increased its full-year outlook for the second consecutive quarter.
The Ultimate Fighting Championship (UFC) and World Wrestling Entertainment (WWE) owner expects 2024 revenue between $2.67 billion and $2.745 billion, up from prior guidance of $2.61 billion to $2.685 billion. Analysts are expecting $2.7 billion, per Visible Alpha.
In the second quarter, TKO posted record revenue of $851.2 million, above analysts’ consensus of $773.8 million. UFC revenue rose 29% year-over-year to $394.4 million, while WWE contributed $456.8 million. Earnings per share (EPS) of 72 cents came in below expectations of 84 cents.
TKO Was Created in September 2023
TKO was created last September through a combination of UFC owner Endeavor Group Holdings (EDR) and the WWE, with Endeavor holding a 51% controlling interest in the new company.
TKO shares gained 9% to $119.50 as of 1:20 p.m. ET Thursday. They are up 45% in 2024.
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