• by Wayne Friedman , February 13, 2015

World Wrestling Entertainment’s stock keeps rising -- based on higher-than-expected financial results.

After a 8.5% gain on Thursday, it added another strong 15% gain early on Friday to $16.50.

Its fourth-quarter 2014 revenues grew 19% to $140.5 million, and the company drastically narrowed its losses in the quarter ending December 21 to $1.6 million from a $7.9 million net loss in the period a year before.

WWE said the revenue increase was driven by its WWE Network, including advertising revenues and television segments with earnings growth, driven primarily by higher TV rights fees. WWE Network revenues increased 64% from the third quarter of 2014 and 33% from the fourth quarter of 2013.

A few weeks ago, the company said its new cloud-based digital TV service, WWE Network, rose to 1.4 million unique visitors to the site and generating $23.3 million in subscription revenue on approximately 721,000 paid subscribers.

The stock has gained 4.5% over the past three months through Wednesday, while the S&P 500 has advanced 1.5%.

The company said the digital revenues business has declined to $4 million compared with $7 million in the prior-year quarter, as a result of lower advertising across various platforms as well as lower monetization of pay-per-view Webcasts, as events became available on WWE Network.