Hasbro's Revenue Drops 20% and Issues Downbeat 2024 Outlook

Hasbro reported a more than 20% drop in fourth-quarter revenue and issued a downbeat 2024 forecast, with shares dipping around 5%. The company's earnings per share and revenue fell short of analyst estimates, with a significant loss for the last three months of 2023. Revenue declined 15% for the full year 2023, with double-digit drops in consumer products and entertainment segments, but an increase in Wizards of the Coast and digital gaming revenue. Hasbro expects further revenue declines in 2024 and plans to cut $750 million in costs by the end of 2025, following layoffs of 1,100 employees in December.