Toymaker Hasbro Inc reported a surprise quarterly profit on Tuesday as the box-o...
- Toymaker Hasbro Inc reported a surprise quarterly profit on Tuesday as the box-office success of Transformers movie spin-off “BumbleBee” charged sales of the action toys, sending its shares up 16 percent.
A departure from director Michael Bay’s action-heavy “Transformers” franchise, “BumbleBee” was the first film to come out of an expanded partnership between Hasbro and Paramount Pictures and made $470 million worldwide after its release late last year. Revenue from the company’s franchise brands segment, which includes Transformers and other long-running brands including Play-Doh and Monopoly, rose 9 percent to $393.6 million in the quarter ended March 31, way past analysts’ average estimate of $361.7 million.
The company has also poured more money on virtual games as kids spend more time on electronic devices, including shifting its Magic:The Gathering collectible cards into virtual form.
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