TKO Group Holdings ( TKO ) stock rallied Thursday after the company reported record quarterly revenue Thursday and increased its full-year outlook for the second consecutive quarter.

The Ultimate Fighting Championship (UFC) and World Wrestling Entertainment (WWE) owner expects 2024 revenue between $2.67 billion and $2.745 billion, up from prior guidance of $2.61 billion to $2.685 billion. Analysts are expecting $2.7 billion, per Visible Alpha.

In the second quarter, TKO posted record revenue of $851.2 million, above analysts’ consensus of $773.8 million. UFC revenue rose 29% year-over-year to $394.4 million, while WWE contributed $456.8 million. Earnings per share (EPS ) of 72 cents came in below expectations of 84 cents.

TKO Was Created in September 2023

TKO was created last September through a combination of UFC owner Endeavor Group Holdings ( EDR ) and the WWE, with Endeavor holding a 51% controlling interest in the new company.

TKO shares gained 9% to $119.50 as of 1:20 p.m. ET Thursday. They are up 45% in 2024.