Hasbro recently announced their first quarter results and figures were lower than expected. The global play and Entertainment Company managed to report lackluster Q1 performance. They are also blaming Toys R’ Us’ bankruptcy for their terrible quarter.
The company reported some massive net loss and a whopping revenue decrease for their first quarter. The conundrum is looking to add to their current wreckage which is the massive 10.9% decline in the past six months.
Hasbro hasn’t been in the best shape over the past months as they continue to tally grave losses. This is a big downturn as the overall performance from the toy industry managed to run bullish over the same time period, tallying a total of 1.8%.
Going back to their quarterly report, the toy and entertainment company managed to miss almost all the marks which disappointed a handful of their investors. Their market performance also slumped after the data were made public.
According to most analysts, Hasbro’s negative and soft performance was already anticipated. The forecasts and expectations were reportedly fully discounted in the stock price which made the report a massive failure for the company.
Hasbro Reports Devastating Quarter
Starting the disappointing figures, the company reported devastating adjusted earnings of 10 cents per share, way off the 31 cents consensus. It is also way off from the same period last year which was at the 54 cents levels.
Net Revenues were also weighing down the company which reported a total of $716.3 million, another miss for the company. The forecasts for the net revenues were at $825 million, the figures were also down by a whopping 16% from the same period last year.
Hasbro’s reported net loss was at $112.5 million or a total of %0.90 per diluted share, and after-tax expenses were at $61.4 million. The adjusted net earnings were reported to be at $12.4 million or $0.10 per diluted share.
Hasbro Trades Higher after Soft Data
On the brighter side, Hasbro has seemingly crept its way out of the market as it traded on bullish levels despite reporting the soft data. The company’s stock managed to rebound by 3% in mid trading and showed signs of great future performance.
Analysts are pointing that the fall is expected and the sharp decline will help the management and the company to correct their wrongdoings in the previous quarter.
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