Why Funko Stock Tumbled Today
Shares of Funko (NASDAQ: FNKO) were taking a dive today despite a better-than-expected second-quarter earnings report. It's not clear why the toy maker's stock fell, though investors may have been disappointed by a decline in profits and expectations for decelerating growth.
As of 1:14 p.m. ET, the stock was down 18.2%.
Funko, best known as the maker of the popular POP! figurines, posted strong second-quarter results. Revenue was up 34% to $315.7 million, which easily beat analysts' estimate of $292.6 million. Loungefly, its brand that makes pop-culture-focused accessories like handbags, saw sales jump 114% to $70 million, and direct-to-consumer sales were up 26%, showing consistency even as e-commerce growth slowed broadly.
Source Fool.com
