Why Hasbro Stock Popped Today
Toymaker Hasbro (NASDAQ: HAS) spent $3.8 billion to acquire Entertainment One (eOne) just prior to the start of 2020, but returns from the television and film production business were hampered by the pandemic. In its second-quarter earnings report, released this morning, the company said that's now turning around. Investors cheered the company's quarterly results overall, sending Hasbro shares soaring about 11% as of 11:20 a.m. EDT.
The maker of popular brands including Play-Doh, Nerf, Power Rangers, and Monopoly reported revenue had jumped 54% from the prior-year period. Hasbro announced adjusted net earnings of $1.05 per share, more than twice the average analyst estimate for the quarterly period.
Source Fool.com
