Hasbro Inc said on Thursday it would cut about 15% of its global workforce this year and estimated holiday-quarter results well below Wall Street expectations amid weakening demand for its toys and games.
The Hasbro, Inc. logo is seen on a toy for sale in a store in Manhattan, New York, U.S., November 16, 2021. REUTERS/Andrew Kellysaid on Thursday it would cut about 15% of its global workforce this year and estimated holiday-quarter results well below Wall Street expectations amid weakening demand for its toys and games.
"Despite strong growth in Wizards of the Coast and Digital Gaming... our consumer products business underperformed in the fourth quarter against the backdrop of a challenging holiday consumer environment," Chief Executive Officer Chris Cocks said on Thursday. Hasbro estimated fourth-quarter revenue of about $1.68 billion, down 17% from a year earlier. Analysts on average expect revenue of $1.92 billion, according to Refinitiv IBES data.
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