Endeavor Swings To Slim Net Profit In First Quarter As Public Company Despite 10% Revenue Slide Amid Pandemic

deadline.com:

Endeavor’s total revenue slid 10% in the first quarter to $1.07 billion, but the company swung from a year-ago loss to $2.4 million in net income in the quarter.The report was the company’s first since going public in April.

The company’s portfolio includes entertainment agency WME; sports, fashion, events and media company IMG; and mixed martial arts circuit UFC.Operating income rose to $94.5 million from $53.8 million in the first quarter of 2020.

The $2.4 million in net income compared with a year-ago loss of $51.3 million. Adjusted EBITDA and adjusted net income increased to $199.5 million and $58.1 million, respectively, compared with $176.2 million and $43.8 million.“As we emerge from the pandemic, we are witnessing strong demand for