Hasbro Soars 8.8% as Q2 Revenue Beats Forecast; Magic: The Gathering Hits Record $500M

According to CNBC, Hasbro (NAS: HAS) shares surged 8.81% to close at $88.78 on July 21 after the toy and gaming company posted better-than-expected Q2 results. The company reported quarterly revenue of $1.14 billion against consensus estimates of $1.06 billion, and earnings per share of $1.28 compared to Wall Street expectations of $1.13. Hasbro also raised its full-year adjusted EBITDA guidance.

The strong performance was driven by Magic: The Gathering, the trading card game that exceeded $500 million in quarterly revenue for the first time in its over 30-year history, marking an all-time high for the franchise.