Hasbro executives on Thursday said third-quarter revenue in 2024 was down 18% but highlighted growth in areas including digital and licensing.
“Outperformance within our gaming and licensing businesses in the third quarter highlights the strength in two of our highest profit areas,” Hasbro CEO Chris Cocks said in a statement. “Our key initiatives around digital, licensing and reinvigorating our product innovation are bearing fruit.”
The sale of Entertainment One to Lionsgate accounted for most of the revenue decline.
“We continue to execute our turnaround efforts and are poised to finish the year with improved profitability, cash flow and operational rigor,” said Hasbro CFO Gina Goetter.
The Power Rangers parent company this week also announced plans to move its headquarters from Pawtucket, Rhode Island, and lay off dozens of employees. Among them were former Power Rangers product designer Loretta Masters, and former creative director John Warden. Warden, best known for his work on Transformers toys, confirmed on social media he was being let go after 25 years with the company.
Bright spots for Hasbro included growth in Magic: The Gathering, Beyblade, Transformers, Furby and licensed My Little Pony products. Power Rangers was not mentioned in remarks to investors.
Power Rangers last year debuted the Mighty Morphin Power Rangers special, "Once & Always," and the 10-episode Cosmic Fury series. Plans to reboot Power Rangers under producer Jonathan Entwistle and showrunner Jenny Klein have since been shelved. Hasbro has delegated the business of making Power Rangers toys to Playmates, who is set to debut a line of MMPR products next year.
