
Hasbro, Inc. (NASDAQ:HAS) shares, which initially surged in premarket trading Wednesday after the company delivered a strong second-quarter earnings beat and raised its full-year outlook, have since given up their prior gains and are now trading lower. The initial rally was fueled by robust performance in its Wizards of the Coast and Digital Gaming segment.
The toy and entertainment giant reported adjusted earnings of $1.30 per share and quarterly sales of $980.8 million, significantly exceeding analyst expectations of 76 cents per share and $874.28 million in revenue, respectively.