Hasbro lifts annual forecasts on 'Magic: The Gathering' demand boost

Core Insights - Hasbro raised its annual revenue and core profit forecasts due to strong demand for digital games like "Magic: The Gathering" despite tariff uncertainties affecting the holiday season [1][3] - The company plans to reduce its reliance on Chinese imports to 30% of its revenue by 2026, an improvement from the previous target of 40% by 2027 [2] - Hasbro expects annual revenue to increase by high single digits, up from prior expectations of a mid-single-digit rise [4] Financial Performance - Third-quarter revenue rose 8% to $1.39 billion, surpassing analysts' average estimate of $1.34 billion [5] - Adjusted profit per share was $1.68, exceeding estimates of $1.63 [5] - The Wizards of the Coast and Digital Gaming segment revenue surged 42%, compared to a 5% decrease a year earlier [5] Strategic Initiatives - Hasbro has implemented job cuts and a $1 billion cost-savings program to mitigate potential impacts from tariffs [2] - The company is executing a tariff remediation strategy to protect profitability [2] - Hasbro's core brands are performing well, with expectations of continued momentum during the crucial holiday sales period [3]