Hasbro, parent company of Wizards of the Coast, announces their first quarter 2024 financial results.
In the report, the company says revenue declined 24% in the first quarter of 2024. This loss, they state, was mostly driven by the company's divestiture of eOne film and television, which Hasbro sold not too long ago to Lionsgate.
Even with the divestiture being excluded, Hasbro still posted a 2024 first quarter revenue decline of 9% despite growth of 7% in the company's Wizards of the Coast and Digital Gaming segment.
Specific to WotC, the company says the revenue increase of 7% was driven by an increase in licensed digital gaming revenue behind titles such as Baldur's Gate 3 and Monopoly Go!.
As for Magic: The Gathering, Hasbro says revenue increased 5% thanks to shipment timing to support the Outlaws of Thunder Junction release as well as "strong demand" for the Universes Beyond: Fallout set.
"The first quarter was a good start to the year for Hasbro; we are continuing to see the results of our transformation work," said Chris Cocks, Hasbro Chief Executive Officer. "Performance from our licensing portfolio shows the strength of our brands and we continue to fuel innovation in games and toys as we expand our reach across play patterns to fans of all ages."
Overall for the first quarter of 2024, Hasbro reported net earnings of $0.42 per diluted share.
