Toy and board game manufacturer, Hasbro, finally managed to get back on the growth track after the company reported substantial growth across multiple business segments in the first quarter. The company reported Q1 earnings of 21 cents per share, widely beating estimates of 11 cents per share loss.
The company took a hit when Toys 'R Us filed for bankruptcy in 2017 and eventual closure leaving Hasbro with excess inventory. After sustained efforts to turn around the company, the toymaker’s stock finally rose more than 14% on Tuesday and nearly 24% this year.
In particular, Hasbro’s gaming segment is fast gaining popularity. The company has been focused on building its digital platform to connect and engage with gamers. For example, in the second half of 2018, the toymaker launched a digital multiplayer collectible card game called ‘Magic: The Gathering Arena’ that has been played about 700 million times.
Following this success in the European markets, the toymaker is now focusing on international markets and is optimistic that it will soon be able to roll out the digital initiative of Magic Arena outside Europe.