Hasbro swung to a loss of $33.9 million for the second quarter as the coronavirus pandemic hit its Entertainment One unit. Details:
Toy giant Hasbro on Monday posted second-quarter financial results that missed Wall Street forecasts for earnings and revenue as the novel coronavirus pandemic caused production delays, hitting its Entertainment One film and TV division, and delays in its movie releases amid cinema closures.
Analysts had forecast earnings of 23 cents for Hasbro on revenue of $992 million, according to IBES data from Refinitiv. Hasbro's revenue for the second quarter fell by nearly 13 percent to $860.3 million from the year-ago figure of $984.5 million. At eOne, production shutdowns and theater closures brought on by the coronavirus shutdown led pro forma revenue to fall by 32 percent to $132.2 million. TV and film revenues were $106 million during the latest quarter, compared with $160 million in the year-ago quarter, while music revenue fell to $26 million from $30 million.
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