Hasbro Slips Over 10% In Pre-market After Q3 Loss, Cut In Annual Revenue Outlook

(RTTNews) - Shares of Hasbro, Inc. (HAS) were trading down over 10 percent after the company reported a loss for the third-quarter, amidst the impact of loss on assets held for sale of $473 million related to the planned sale of the eOne Film and TV business.

It also revised down the full-year 2023 revenue guidance.

Hasbro was trading down by 10.50 percent at $49 per share in pre-market trade on the Nasdaq.

For the third-quarter, HAS posted a loss of $171.1 million or $1.23 per share, compared with a profit of $129.2 million or $0.93 per share, registered for the same period last year.

Revenue stood at $1.503 billion, lesser than last year's $1.675 billion.

Citing softer toy outlook in Consumer Products, for full year 2023, the company now expects its revenue to decline by 13 percent to 15 percent. On average, 10 analysts polled by Thomson Reuters expect the company to post revenue of $5.53 billion, for the year.

On August 3, Hasbro had announced that it was expecting a revenue decline of 3 percent to 6 percent, for full year 2023.