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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.