The toymaker reported $1 billion in quarterly revenue, exceeding analyst expectations of $964.38 million, driven by digital game demand.
Hasbro posted first-quarter revenue of $1 billion, surpassing the $964.38 million estimate from analysts. The company attributed the beat to strong demand for digital games like *Magic: The Gathering*, which offset weaker traditional toy sales amid reduced consumer spending on non-essentials.
The Wizards of the Coast and Digital Gaming segment saw revenue rise 26% year-over-year, though growth slowed from the 46% increase in the same period last year. Partnerships with Netflix and other media properties also contributed to the quarter’s performance.
Adjusted earnings per share reached $1.47, above the $1.13 estimate, supported by cost-saving measures. The results were delayed due to a late-March cybersecurity incident but align with preliminary forecasts of $970 million to $985 million.