This old-school hobby is helping Hasbro defy economic headwinds
And, despite a 1% year-over-year decrease, Hasbro's adjusted revenue was posted at $980.8 million, also beating analysts' $874.66 million projection.
While sales have been notably down for toy and gaming companies, Hasbro has managed to offset some of the volatility due to financial strains and tariffs. 'While tariffs represent a headwind for the business, we are compensating for these costs through a combination of cost reductions, rebalancing our marketing spend, diversifying our supplier mix and implementing some targeted pricing actions,' Hasbro's CEO, Chris Cocks, said on the company's earnings call, per CNBC.
The brand is also clearly leaning into its digital games, most notably, Monopoly Go! The game, which launched in 2023, has quickly become the most popular digital board game. It contributed $44 million in the second quarter.
But the biggest driver of Hasbro's recent earnings has been Magic:The Gathering. That's thanks to a recently released Magic set: Final Fantasy Universes Beyond Expansion. The set dropped in June and almost instantly shattered records, earning $200 million in one day to become the fastest-selling expansion in Magic history.
The Wizards of the Coast and Digital Gaming segment of Hasbro, which encompasses both Magic games and Monopoly Go!, saw overall revenue increase 16% year-over-year.
Last year, Cocks spoke to the popularity of digital games and what it meant for the brand. 'As we look at the business of play, it's clear that digital is here to stay and a bigger factor than ever in how successful toy and game companies will grow and strengthen their brands,' Cocks said, noting that the brand was 'years ahead' of its competitors.
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