Shares of El Segundo toymaker Mattel Inc. climbed 7 percent in after-hours trading Thursday, following the company’s release of first-quarter earnings that beat analysts’ revenue expectations, but fell short on net-income estimates.
The company reported a net loss of $58.2 million (-17 cents a share) on revenue of $923 million. Analysts had expected a narrower loss of 9 cents a share, but had also predicted slightly lower revenue of $901 million for the quarter, according to Bloomberg.
Christopher Sinclair, a longtime Mattel board member who took over as chief executive after the company fired former chief Bryan Stockton, said the struggling toymaker took several steps in the quarter to turn things around.
“We are already benefiting from better decision-making, alignment and enhanced accountability. And we’ve begun to refocus our culture on creativity, innovation and improving our speed to market,” Sinclair said in a statement. “While we still have a lot of work to do, we’re starting to see progress with our core brands like Barbie and Fisher-Price, and I am confident we are making the changes necessary to perform better in the future.”
Shares of Mattel rose 7 percent to $26.95 in after-hours trading.
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