1/26, 10:44 PM (Source: TeleTrader)
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Hasbro to cut 15% of its global workforce in 2023

Hasbro Inc. announced on Thursday in a statement that it will be making leadership and organizational changes in 2023, which includes laying off 15% of its global workforce, with the reductions taking effect "within the next several weeks."

"Despite strong growth in Wizards of the Coast and Digital Gaming, Hasbro Pulse, and our licensing business, our Consumer Products business underperformed in the fourth quarter against the backdrop of a challenging holiday consumer environment," CEO Chris Cocks said.

The company hopes the changes will "drive profitability and reinvestment in core brand growth." In a preliminary showing of the 2022 fourth-trimester earnings results, Hasbro expects the quarterly revenue to fall 17% year on year, to $1.68 billion, while the full-year revenue should come in at $5.86 billion, down 9% on an annual level.

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