Hasbro shares plunged on Friday, after the toy maker said it would layoff around 15% of its global workforce. The company also cautioned that a disappointing holiday season would lead to lower-than-expected fourth quarter earnings.
Hasbro will slash around 1,000 jobs, with announcements coming over the next few weeks.
The Monopoly maker mentioned that fourth quarter sales would likely decrease around -17% from the year-ago period to $1.68 billion, and adjusted earnings would come in at a softer than expected range of between $1.29 and $1.31 per share.