Hasbro, Inc. (NASDAQ:HAS) stock fell Wednesday after the toy and gaming company reported mixed first-quarter results and maintained its full-year outlook.
Quarterly Results Top Earnings Estimates
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The company reported first-quarter adjusted earnings of $1.47 per share, beating the analyst consensus estimate of $1.25. Revenue rose 13% year over year to $1.00 billion but missed Wall Street expectations of $1.06 billion.
Growth was driven by a 26% increase in Wizards and Digital Gaming revenue, while Consumer Products revenue was flat. Entertainment revenue declined 24%, partially offsetting those gains.
