Magic: The Gathering revenue is down 15 percent year-over according to Hasbro's 2023 second quarter financial results.
Magic: The Gathering revenue is down 15 percent year-over according to Hasbro's 2023 second quarter financial results.
The company says the decline was expected and due to one fewer Magic: The Gathering set being released in the second quarter compared to the same time period last year.
Furthermore, Hasbro says that operating profit in Wizards of the Coast and its digital gaming segment suffered a 37 percent decline "due to lower revenue, higher royalty expense associated with Universes Beyond and increased investments."
Regardless, the company is optimistic about its short-term future.
"Through the first six months, our results have been at or above our plan," said Gina Goetter, Hasbro chief financial officer. "Looking at our full year, our Consumer Products segment remains on track and our Wizards of the Coast and Digital Gaming segment is performing better than expected. Positive proof points are emerging across a variety of our transformation initiatives as we lower costs, improve productivity, and reset Hasbro for profitable growth."
In a related move, Hasbro has sold its eOne Film and TV business to Lionsgate. Hasbro says the move will give the company greater focus and financial flexibility moving forward, which includes paying down a minimum of $400 million in floating rate debt.
