Mattel, Hasbro Cut Year-End Outlook Amid Weak Toy Sales. Toymakers See Shares Decline

Benzinga

Mattel and Hasbro have lowered their 2024 year-end forecasts ahead of the key holiday season, citing sliding toy sales in the third quarter. Both companies beat Wall Street expectations for earnings per share but fell short on revenue. Mattel anticipates flat or slightly lower sales for the fourth quarter, while Hasbro predicts a more than 10% revenue decline for consumer products. Mattel shares rose 4% on Thursday, while Hasbro shares dropped 6%.

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00:00It's Benzinga bringing Wall Street to Main Street.

00:02Mattel and Hasbro have lowered their 2024 year-end forecasts ahead of the key holiday season,

00:07citing sliding toy sales in the third quarter.

00:10Both companies beat Wall Street expectations for earnings per share, but fell short on revenue.

00:15Mattel anticipates flat or slightly lower sales for the fourth quarter,

00:19while Hasbro predicts a more than 10% revenue decline for consumer products.

00:23Mattel's shares rose 4% on Thursday, while Hasbro's shares dropped 6%.

00:27For all things money, visit Benzinga.com slash GSTV.

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