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Hasbro raises annual forecasts on digital gaming demand, 'Magic' boost
['Neil J Kanatt', 'Min Read']
Yahoo Finance - Business Finance, Stock Market, Quotes, News
By Neil J KanattJuly 21 (Reuters) - Hasbro raised its annual revenue and profit forecasts on Tuesday, betting on resilient demand for its digital gaming business and continued strength in "Magic: The Gathering," sending the company's shares up about 11% in early trading.
Stronger spending by higher-income consumers helped Hasbro offset weak demand from lower-income households facing persistent inflation.
The Play-Doh maker now expects annual revenue to grow in the range of 5% to 7%, compared with its prior forecast of 3% to 5%.
It sees annual adjusted core profit between $1.45 billion and $1.50 billion, compared with the previous outlook range of $1.40 billion to $1.45 billion.
Second-quarter revenue rose 16% to $1.14 billion, topping analysts' estimates of $1.07 billion.