Mattel shares soar after strong Barbie sales fuel surprise profit

Earnings

Shares of Barbie owner Mattel skyrocketed more than 15 percent on Thursday, after the company reported better-than-expected fourth quarter earnings and revenue after the closing bell.

The toy company said it earned 4 cents per share on $1.52 billion in revenue in the quarter ended Dec. 31. Wall Street had expected Mattel to post a loss of 16 cents on $1.44 billion in revenue, according to Refinitiv.

“Our fourth quarter results demonstrate meaningful progress in executing our strategy and significant improvement over last year,” Ynon Kreiz, CEO of Mattel, said in a statement Thursday. “We remain focused on advancing our strategy to restore profitability and regain top-line growth in the short-to-mid-term and are laying the groundwork to capture the full value of our IP in the mid-to-long-term.”

This story is developing. Please check back for updates.

Products You May Like

Articles You May Like

A cat could be set to inherit a fortune after Karl Lagerfeld’s death
When Fiduciary’s Really A Four-Letter Word
Stocks set to open slightly higher amid reports of US-China trade breakthrough
JP Morgan economists now see the economy growing at just 1.5% pace this quarter
Four Ways You Can Still Lower Your 2018 Tax Bill

Leave a Reply

Your email address will not be published. Required fields are marked *