Hasbro jumps after earnings reveal Magic: The Gathering has boomed to become $1 billion brand
stock jumped as much as 5% on Thursday after the company reported mixed fourth-quarter earnings results and offered 2023 guidance that was below analyst expectations.
Hasbro CEO Chris Cocks said its 2022 financial results came below its own expectations as revenue fell 16% year-over-year in the fourth-quarter due to an overall slump in holiday toy sales. But Cocks went onto highlight what's working for the toy maker. Cocks called the $1 billion milestone for Magic: The Gathering a big achievement for not just the company,"but for the thousands of hobby shops" across the country.
"We were too aggressive in some of our pricing assumptions, notably our 30th anniversary edition of Magic and pulled back on available supply impacting Q4 results," Cocks said on Hasbro's earnings call."We're taking some of the feedback to heart."
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