Toy maker reports sharp drop in sales and net losses

  • Hasbro’s stock plunges 12.1% in premarket trading
  • Net losses jump to $1.06 billion
  • Adjusted earnings per share of 38 cents misses expectations
  • Revenue drops 23.2% to $1.29 billion
  • Consumer Products revenue falls 19% and Entertainment revenue sinks 31%
  • Hasbro expects revenue decline in 2024

Shares of Hasbro Inc. plunged 12.1% in premarket trading after the toy maker reported fourth quarter results that fell well short of expectations. The company’s net losses jumped to $1.06 billion, with adjusted earnings per share of 38 cents missing the consensus estimate. Revenue dropped 23.2% to $1.29 billion, driven by a 19% decline in Consumer Products revenue and a 31% decline in Entertainment revenue. Looking ahead, Hasbro expects revenue to decline in 2024, with Wizards of the Coast revenue projected to fall 3% to 5% and Consumer Products revenue expected to be down 7% to 14%.

Public Companies: Hasbro Inc. (HAS)
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Factuality Level: 8
Justification: The article provides specific details about Hasbro’s fourth quarter results, including net losses, adjusted earnings per share, and revenue. It also mentions the performance of different business segments. The information is based on factual data and financial figures, which can be verified. However, it is important to note that the article does not provide any analysis or context for the performance of Hasbro or the toy industry as a whole.

Noise Level: 3
Justification: The article provides clear and concise information about Hasbro’s fourth quarter results, including net losses, adjusted earnings per share, and revenue. It also mentions the performance of different business segments. However, it lacks in-depth analysis or insights into the reasons behind the poor performance and does not provide any actionable solutions or new knowledge.

Financial Relevance: Yes
Financial Markets Impacted: Shares of Hasbro Inc.

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article pertains to financial topics as it discusses the financial performance of Hasbro Inc. The company reported fourth-quarter results that fell short of expectations, leading to a significant drop in its stock price. However, there is no mention of any extreme event or its impact.

Reported publicly: www.marketwatch.com