Why WWE Shares Are Getting Crushed

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.