Playboy owner hits record low after Q4 results disappoint

Playboy

17/03/2023 16:57

** Shares of Playboy brands' owner Plby Group  PLBY.O  fall
as much as 13.2% to a record low of $1.70
    ** Reports Q4 rev of $68.5 mln, below Wall Street estimates
of $75.56 mln
    ** Q4 loss of $0.22/share bigger than estimates of
$0.17/share
    ** Says simplifying core business around Playboy and Honey
Birdette
    ** Announces strategic restructuring to eliminate minimum of
$15 mln in costs annually
    ** Says restructuring to reduce "operational complexity by
eliminating unprofitable business units and non-core assets"
    ** Also says CFO Lance Barton to depart from his role at the
company and its units by June 30
    ** PLBY fell 89.68% in 2022

 (Reporting By Akshita Toshniwal)
 ((Akshita.Toshniwal@thomsonreuters.com))