Mattel is facing another setback after a packaging error on its ‘Wicked’ dolls directed consumers to an adult entertainment website instead of the official movie website. This mishap comes amidst the toy company’s struggles with higher tariffs and a recent revenue miss. Meanwhile, Universal Pictures is anticipating a strong opening weekend for the ‘Wicked’ movie, which could propel it to a top 10 grossing film of the year.
Mattel, Inc. (MAT) shares rallied on Thursday after the toy giant delivered a solid third-quarter earnings report, beating on earnings but missing on revenue. While analysts are encouraged by the company’s performance, concerns remain about the fourth quarter and beyond, leading to mixed reactions from analysts and adjustments to price targets.
JPMorgan analyst Christopher Horvers has shared insights into the upcoming third-quarter earnings reports for Mattel and Hasbro. Horvers highlights Mattel’s success in expanding shelf space, driven by Barbie’s 65th anniversary and new releases, while acknowledging potential challenges like consumer spending and the upcoming holiday season. For Hasbro, he expects strong performance due to new releases and improved innovation, particularly for Transformers, Beyblade, and Magic brands. Despite some concerns, JPMorgan maintains a positive outlook for both companies, raising price targets for both Mattel and Hasbro.
HMD Global, the maker of Nokia phones, has released a Barbie-themed flip phone, tapping into the nostalgia surrounding the iconic doll and the recent success of the ‘Barbie’ movie. The phone, designed for basic communication, features a pink keypad, hidden designs, and comes with the classic Snake game. Its launch coincides with Barbie’s 65th birthday, suggesting a strategic move to capitalize on the renewed popularity of the brand.
Immerse yourself in Barbieland with an exclusive collection of dolls and accessories inspired by the hit movie, ‘Barbie: The Movie’. Mattel’s Little People Collection features a special edition set for just $9 (reg. $27), while Target and Amazon offer an array of dolls, accessories, and games inspired by iconic characters and moments from the film. From the re-released Sugar Daddy Ken doll to a disco-ready Barbie, this collection offers a wide range of options for fans of the movie. Don’t miss out on the opportunity to add these exclusive items to your Barbieland and relive the movie magic.
Several companies made significant moves in after-hours trading following their latest earnings reports. Tesla rose 6.9% despite weaker-than-expected earnings, while Mattel gained 2.4% on narrower losses. Texas Instruments surged 5.5% on strong earnings, Visa advanced 3.2% on better-than-expected results, and Enphase declined 9.2% on disappointing earnings and outlook.
Toy manufacturing and entertainment company Mattel (NASDAQ: MAT) reported mixed results for the first quarter of fiscal year 2024, falling short of analysts’ revenue estimates while exceeding earnings expectations.
Revenue remained flat at $809.5 million, missing the consensus estimate of $832.9 million. However, the company surprised analysts by posting a GAAP loss of $0.08 per share, significantly improving upon its loss of $0.30 per share in the same period last year. This translates to a 41.8% beat on earnings estimates of -$0.14 per share.
The company’s full-year EPS guidance remained unchanged at $1.40, in line with expectations.
The Hot Wheels Legends Tour presented by Mobil 1 is back for its seventh year, searching for the next Garage of Legends inductee. Beginning May 11, car builders from around the world will compete for a chance to have their one-of-a-kind car immortalized as a 1:64-scale die-cast and join a legendary group of Garage of Legends life-size Hot Wheels vehicles.
