Hasbro profit beats Wall Street estimate as digital gaming business grows

By Steve Gelsi

Hasbro's second-quarter adjusted profit of $1.22 a share was well above the FactSet consensus estimate of 78 cents a share.

Hasbro Inc.'s stock was up 6% Thursday after the toy maker's second-quarter profit beat expectations on strength in its digital gaming business.

Hasbro (HAS) said it swung to a profit of $138.5 million, or 99 cents a share, after posting a loss of $235 million, or $1.69 a share, in the year-ago quarter.

Hasbro's second-quarter adjusted profit of $1.22 a share was well above the FactSet consensus estimate of 78 cents a share.

Revenue dropped to $995.3 million from $1.21 billion in the year-ago period, but was ahead of the analyst estimate of $941.4 million.

Revenue in its digital gaming unit rose 20% to $452 million from $375.6 million on the heels of its launch of its Modern Horizons 3 set under its Magic the Gathering product line, as well as its Monopoly Go! and Baldur's Gate 3 games.

Sales in Hasbro's consumer products business fell 20%.

Prior to Thursday's moves, Hasbro's stock has risen by 16.4% so far in 2024, compared to a 13.8% jump by the S&P 500 SPX.

-Steve Gelsi

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

07-25-24 0943ET

Copyright (c) 2024 Dow Jones & Company, Inc.