⁍ Hasbro Inc missed analysts’ estimates for quarterly earnings and revenue on Monday.
⁍ Production shutdowns due to the COVID-19 pandemic led to shortages of the company’s board games.
⁍ Shares fell 6%, taking losses for the year to about 31%.
– It’s been a rough year for Hasbro. The toymaker’s stock has lost about a third of its value since the start of the year, and on Monday, it reported second-quarter earnings that fell short of analysts’ estimates, Reuters reports. The Pawtucket, RI-based company’s net revenue fell 12.6% to $860.3 million, and it missed analysts’ estimates of $992.2 million. The company’s board games, including Scrabble and Jenga, saw a surge in demand in the second quarter, but production shutdowns due to the Pandemic caused a 30% slump in net revenue in the US and Canada.
Source: https://www.reuters.com/article/us-hasbro-results/hasbro-profit-misses-as-production-delays-weigh-on-board-game-sales-idUSKCN24S170