Hasbo long-seller Monopoly: Far below expectations
Photo: SPENCER PLATT/ AFP
The US toy giant Hasbro has announced major job cuts after a weak Christmas quarter.
The number of employees worldwide will be reduced by around 1,000 jobs, said Mattel's rival on Thursday evening (local time).
That would be around 15 percent of the workforce.
The job cuts are to begin in the coming weeks and will significantly reduce costs in the long term.
Hasbro estimates that revenue for the fourth quarter fell 17 percent year-on-year to $1.7 billion.
The Monopoly and Transformers maker's earnings guidance fell far short of Wall Street pundits' expectations.
Investors dropped the stock by 7 percent in after-hours trading.
Hasbro intends to present final quarterly figures on February 16.