Shares of Mattel Inc. dropped more than 8% in the extended session Wednesday after the toy maker missed Wall Street expectations for quarterly profits and...
Shares of Mattel Inc. dropped more than 8% in the extended session Wednesday after the toy maker missed Wall Street expectations for quarterly profits and revenue and called for another flat year in sales, saying that the economy was worse than it expected.
Mattel MAT earned $16 million, or 4 cents a share, in the fourth quarter, compared with $226 million, or 63 a share, in the year-ago quarter. Adjusted for one-time items, the company earned 18 cents a share. Net sales for 2022 of $5.44 billion were flat year-on-year, compared with expectations of $5.72 billion. The company guided for another year of flat sales in 2023, while the same analysts forecast $5.9 billion.
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