US toymaker Hasbro to cut 1,000 jobs, or about 15% of global workforce this year

By Ovunc Kutlu

ISTANBUL (AA) - US toymaker Hasbro announced Thursday that it will cut 1,000 jobs, or about 15% of its global workforce this year as it undertakes organizational changes.

The company manufactures action figures, games and other items for popular franchises such as Transformers, Star Wars, Marvel and G.I. Joe.

"The reductions will start to take effect within the next several weeks," the firm said in its financial results statement.

The company said it aims to achieve cost savings of $250 million to $300 million annually by the end of 2025.

"We are focused on implementing transformational changes aimed at substantially reducing costs and increasing our growth rates and profitability," CEO Chris Cocks said, adding the year 2022 and particularly its fourth quarter represented challenges for the company.

The firm said it expects revenue to come in at approximately $5.86 billion for the full year of 2022, down 9% from the previous year, according to its preliminary figures.

Hasbro's stock price fell 9.5% to $57.68 per share during after-hours trading on the Nasdaq after finishing the session at $63.78 a share on Thursday.