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Hasbro beats quarterly estimates on digital games demand

Hasbro beats Q1 estimates with strong digital games demand, including Magic: The Gathering. Revenue and profit exceed expectations. Read more on Bond.az.

Benjamin Moore
ByBenjamin Moore- Senior Editor
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Hasbro reported first-quarter revenue and profit above estimates, driven by strong demand for digital games like "Magic: The Gathering".

Results were delayed due to a cybersecurity incident. The company had released preliminary figures in April.

Digital gaming growth offset weaker demand for traditional toys amid high living costs.

Revenue in the Wizards of the Coast and Digital Gaming segment rose 26%, compared to a 46% increase a year ago.

A partnership with Netflix for the "K-Pop Demon Hunters" movie boosted sales.

Revenue hit $1 billion, beating the $964.38 million estimate.

Adjusted earnings per share were $1.47, above the $1.13 estimate.

The company recorded $8.3 million in U.S. import tariffs and is seeking refunds after a Supreme Court ruling.

Hasbro reaffirmed its annual forecast from February.

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