© Reuters. FILE PHOTO: The Hasbro, Inc. logo is seen on a toy for sale in a store in Manhattan, New York, U.S., November 16, 2021. REUTERS/Andrew Kelly
(Reuters) -Hasbro Inc said on Thursday it would eliminate about 1,000 positions from its global workforce this year, or about 15% of full-time employees, as the toymaker looks to cut costs in a tough macroeconomic backdrop.
Shares of Hasbro (NASDAQ:) fell 4% to $61.30 in after-hours trading.
The company estimated fourth-quarter revenue of about $1.68 billion, down 17% from a year earlier. Analysts on average expect revenue of $1.92 billion, according to Refinitiv IBES data.
It forecast quarterly adjusted earnings per share of $1.29 to $1.31, much lower than estimates of $1.48.
Hasbro said President and Chief Operating Officer Eric Nyman is also exiting the company as part of organizational changes.
Be the first to comment