Endeavor posted a small profit in its first quarterly earnings release since its April 29 initial public offering thanks to momentum for UFC and other sports properties.
Endeavor posted net income of $2.4 million in the quarter ended March 31, compared to a loss of $51.4 million for the comparable year-ago quarter. Total revenue came in at $1.07 billion, which was in line with analysts’ expectations. Earnings before interest, taxes, depreciation and amortization was stronger than expectations at $199.5 million.
“As we emerge from the pandemic, we are witnessing strong demand for all forms of content,” said Endeavor CEO Ariel Emanuel. “Our company was purpose-built to fulfill this demand on a global scale – be it live events and experiences or premium on-screen content. While our first quarter results were still negatively impacted by COVID-19, we are well positioned to benefit from the pent-up demand for content, while maintaining our long-term focus on secular trends and high-growth areas that have been both validated and amplified by the pandemic.”
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