Magic: The Gathering revenue increased by 16 percent according to parent company Hasbro.

Hasbro, Inc. Thursday reported financial results for the first quarter 2023 and, while the company as a whole saw revenues of $1 billion decline 14 percent year-over-year, Magic: The Gathering revenue increased by 16 percent.

"First quarter results came in ahead of our expectations and position Hasbro to meet our full-year financial targets," said Chris Cocks, Hasbro chief executive officer. "Wizards of the Coast and Digital Gaming delivered strong fan engagement. Segment revenues increased 12 percent, including a 16% percent revenue increase in Magic: The Gathering, behind the successful release of Phyrexia: All Will Be One. Dungeons and Dragons: Honor Among Thieves delivered strong critical and audience reviews pointing to a promising long life including home entertainment and streaming, while also introducing our newest Franchise Brand to tens of millions of new fans around the world and positioning Dungeons & Dragons for robust full-year growth."

First Quarter 2023 MAGIC: THE GATHERING and Gaming Portfolio

Magic: The Gathering's first quarter revenues increased 16 percent. Strong player demand led to higher-than-expected performance for the first quarter release of Phyrexia: All Will Be One. Back catalog sales of previously released sets continue to perform. Modern Horizons 2, released in June 2021, officially became the game's first $200 million set in the first quarter. Universes Beyond Warhammer 40K hit its fourth reprint on strong continuing demand and the newest Universes Beyond set, The Lord of the Rings: Tales of Middle-Earth, debuted with record pre-orders in March for a late second quarter release.  Furthermore, the company says organized play is continuing to build with the second MagicCon of the year, which is slated for May 5-7 in Minneapolis following a successful event in Philadelphia in February.

All-in-all, Wizards of the Coast the Hasbro Digital Gaming segment saw increased revenue of 12 percent with tabletop gaming revenue going up by 13 percent, though operating profit declined 28 percent due to, according to Hasbro, "investments in product development and personnel, higher product cost, advertising expense and costs supporting the return of organized play."

The company says they expect second quarter revenues to decline year-over-year for the segment based on Magic release timing which, according to Hasbro, "favors the third quarter." 

For 2023 as a whole, however, the company is expecting mid-single digit revenue growth within WotC and Digital Gaming with operating profit margin expected to be in the high 30 percent range as the company continues to build upon the Universes Beyond franchise.

For Hasbro overall, the company say a first quarter net loss of $22.1 million, or a net loss of $0.16 per share, and adjusted net income of $1.0 million, or $0.01 per diluted share.