Hasbro to cut 1,000 full-time jobs globally in 2023

HASBRO said on Thursday it would eliminate about 1,000 positions from its global workforce this year, or about 15 per cent of full-time employees, as the toymaker looks to cut costs in a tough macroeconomic backdrop.

Shares of Hasbro fell 4 per cent to US$61.30 in after-hours trading.

The company estimated fourth-quarter revenue of about US$1.68 billion, down 17 per cent from a year earlier. Analysts on average expect revenue of US$1.92 billion, according to Refinitiv IBES data.

It forecast quarterly adjusted earnings per share of US$1.29 to US$1.31, much lower than estimates of US$1.48.

Hasbro said president and chief operating officer Eric Nyman is also exiting the company as part of organisational changes. REUTERS