Funko rallies after Hasbro exec named new CEO, quarterly report

Funko

10/05/2024 12:25

** Funko's  FNKO.O  shares rise 11.9% to $7.63, nearly 3-mth
high, after collectible toy co appointed new CEO and issued
quarterly results
    ** Co late Thurs named Cynthia Williams, formerly president
of Hasbro's  HAS.O  Wizards of the Coast and gaming division, as
CEO effective May 20
    ** Prior to Hasbro, Williams held roles at Microsoft
 MSFT.O  and was a senior exec at Amazon.com  AMZN.O  for over a
decade
    ** Board member Michael Lunsford has been serving as interim
CEO since last July
    ** After the bell Thurs, Funko reported Q1 rev of $215.7
mln, down 14% yr/yr, missing LSEG consensus of $220.3 mln
    ** It posted Q1 adj net loss/sh of 17 cents while Street had
called for 30 cents/sh loss
    ** For Q2, co projected adj loss/sh of 8 cents to 15 cents,
narrower than avg analysts' estimate of 25 cents/sh loss
    ** Through Thurs, FNKO shares down ~12% YTD and off ~40%
over the past 12 months

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))