JAKKS Pacific, a leading toy company, has reported a significant loss in its first quarter due to the absence of major kids movies like “The Super Mario Bros Movie” and “The Little Mermaid”. This decline in movie-related sales impacted the company’s overall performance, resulting in lower gross profit margins and adjusted EBITDA loss. CEO Stephen Berman attributed the weaker results to the lack of a strong film slate in 2024 and anticipated lower levels of shipping and retail activity.
Tesla, the electric vehicle giant, experienced a rise in its stock value ahead of the release of its first-quarter earnings report. The company is anticipated to report its lowest gross profit margin in over six years, following a challenging period marked by layoffs and discounts on its products. Despite the overall decline in Tesla’s stock price this year, investors are eagerly awaiting the company’s Q1 results and the potential insights into the fate of the upcoming Model 2 vehicle.
Tesla announced plans to cut 400 jobs at its German gigafactory near Berlin. The company cited a weakened electric car sales market and intends to implement the cuts through a voluntary program. Tesla’s Gruenheide site currently employs over 12,000 staff, and the carmaker had previously parted ways with around 300 temporary workers as part of plans for global cuts of around 10%. The move comes ahead of Tesla’s first-quarter results announcement later on Tuesday, with investors anticipating the group’s lowest gross profit margin in more than six years due to declining demand for electric vehicles.
