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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Hasbro plans to lay off 15% of workforce and warns of holiday-season lossHasbro Inc. late Thursday said it plans to lay off about 15% of its workforce and warned Wall Street to brace for a quarterly loss and a drop in revenue...
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Hasbro To Cut 15% Of Workforce, Warns Q4 Results Hurt By “Challenging Holiday Consumer Environment”Hasbro, which has been reeling from a series of economic and corporate shocks, plans to cut 15% of its global workforce this year, or about 1,000 positions. In addition to those reductions, the com…
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