The toymaker exceeded Q2 estimates with $1.28 EPS and $1.14B revenue, driven by record Magic: The Gathering sales.
Hasbro Inc (NASDAQ:HAS) increased its full-year revenue and profit projections after second-quarter earnings surpassed Wall Street expectations. Adjusted earnings reached $1.28 per share, above the $1.13 estimate, while revenue grew 16% year-over-year to $1.14 billion, topping the $1.06 billion forecast.
Magic: The Gathering revenue surged 32% to over $500 million, marking its strongest quarter in the franchise’s history. The Wizards of the Coast segment, including Magic, reported $664 million in revenue, with operating profit up 12% to $270 million. Consumer Products revenue rose 5%, though a cyberattack reduced sales by $25 million and added $11 million in expenses.
Shares climbed 10% in early trading following the report, reflecting investor confidence in the company’s growth trajectory despite a 20% decline in Entertainment segment revenue.