Hasbro warns of weak holiday quarter results, cuts 15% of its workforce

Shares of toymaker Hasbro fell after the bell Thursday after the company said it would eliminate around 1,000 employees and warned of weak fourth-quarter earnings results on the horizon.

“Despite strong growth in Wizards of the Coast and Digital Gaming, Hasbro Pulse, and our licensing business, our Consumer Products business underperformed in the fourth quarter against the backdrop of a challenging holiday consumer environment,” said Chris Cocks, Hasbro chief executive officer.

The layoff of around 15% of its global workforce comes as the company seeks to save between $250 million and $300 million annually by the end of 2025.

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