Toy company Hasbro beat Wall Street expectations for the second-quarter on Thursday, thanks in part to growth in its digital gaming segment.
Though Hasbro's revenue declined 18% overall for the quarter, its Wizards of the Coast and digital gaming segment saw 20% revenue growth.
Hasbro attributed the revenue increase for Wizards of the Coast and digital gaming to the launch of MAGIC's card game, Modern Horizons 3, and the continued impact of licensed and digital gaming, with Monopoly Go!
CEO Chris Cocks said during the company's earnings call that it continues to invest in its digital gaming portfolio, highlighting the recent appointment of John Hight as president of Wizards of the Coast and digital gaming.
The company estimates a total adjusted EBITDA for the full year of between $975 million and $1.025 billion.
Persons:
Chris Cocks, John Hight, John, we're, " Cocks
Organizations:
Hasbro, Austin , Texas . Toy, LSEG, Wizards, Monopoly
Locations:
Austin , Texas