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Hasbro Stock Sinks After Q4 Earnings Miss; Company Blames WGA And Actors Strikes For 31% Film And TV Revenue Slide In 2023
Hasbro fell short of fourth-quarter earnings forecasts and blamed a 31% drop in 2023 entertainment revenue on the WGA and SAG-AFTRA strikes.
Two performers dressed as Transformers characters Optimus Prime, left, and BumblebeeDaniel Karmann/picture alliance via Getty Images Hasbro fell short of Wall Street analysts’ consensus estimate for fourth-quarter earnings, blaming a 31% drop in 2023 entertainment revenue on the WGA and SAG-AFTRA strikes. Last December, Hasbro announced a new round of layoffs, bringing its total 2023 workforce reduction to 20% (around 1,900 workers) as the company has battled inflation, supply-chain issues and a reinvigorated competitor in Mattel. The eOne deal, which closed last December, resulted in a roughly $1 billion loss in the fourth quarter related to a charge for goodwill and asset impairment due to the transaction.
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