Why WWE Shares Are Getting Crushed

AP

WWE announced that last night's WrestleMania 30 broke all kinds of records as it sold out New Orleans' Superdome to become the venue's highest-grossing event.

Unfortunately, the 75,000 that showed up to WrestleMania wasn't enough to impressive investors.

The stock is down by 12% today.

The sell-off can be attributed to disappointing digital subscriptions.

"WWE today announced that WWE Network has 667,287 subscribers and is well on its way to reaching its goal of 1 million subscribers by the end of 2014 just 42 days after launching in the U.S., making it the fastest-growing digital subscription service," said management.

But according to Bloomberg, analysts were expecting subscriptions to be in the neighborhood of 800,000.

Even with today's sell-off, the stock is still up 47% since the beginning of the year.

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