From NBCUniversal:

Toy company Hasbro reported a more than 20% hit to its fourth-quarter revenue and issued a downbeat 2024 forecast. The company’s shares took a 5% dip following the report. Hasbro’s earnings per share were 38 cents compared to the expected 66 cents per share, and revenue was $1.29 billion versus the expected $1.36 billion.

In the last quarter of 2023, Hasbro lost $1.06 billion, with adjusted earnings per share of 38 cents. Revenue for the full year 2023 dropped 15% to $1.29 billion. The company saw revenue increases in its Wizards of the Coast and digital gaming segment due to licensing revenue related to “Baldur’s Gate 3” and “Monopoly Go.”

Hasbro expects further revenue declines in the year ahead, projecting a 3% to 5% revenue dip in the Wizards of the Coast segment and a 7% to 12% hit to the consumer products business. The company also plans to cut $750 million in costs by the end of 2025.

The toymaker laid off 1,100 employees in December 2023, after previously cutting 15% of its workforce earlier in the year. Chief Financial Officer Gina Goetter stated that Hasbro had taken aggressive steps to optimize inventory and reset the cost structure in 2023.



Read more: Hasbro (HAS) earnings Q4 2023