Memphis Daily News Chandler Reports Nashville Ledger
» Subscribe Today!
The Power of Information
Home
The Ledger - EST. 1978 - Nashville Edition
X
Skip Navigation LinksHome > Article
VOL. 42 | NO. 29 | Friday, July 20, 2018

Barbie maker Mattel to cut more than 2,200 jobs

Print | Front Page | Email this story

EL SEGUNDO, Calif. (AP) — Mattel says it will cut 2,200 jobs as the maker of Barbie dolls and Hot Wheels cars tries to save money.

The toy company was hurt by the closing of Toys R Us, with revenue falling 14 percent in the most recent quarter. A Mattel spokesman says the job cuts are a part of the company's efforts to cut at least $650 million in costs.

Mattel, based in El Segundo, California, says the jobs cuts will affect office workers around the world. The company has about 28,000 employees.

Shares of Mattel Inc. fell more than 9 percent to $15.15 in after-hours trading

The company posted a loss of $240.9 million in its second quarter. On a per-share basis, the company said it had a loss of 70 cents. Losses, adjusted for one-time gains and costs, were 56 cents per share. The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 32 cents per share.

Mattel posted revenue of $840.7 million, also falling short of Street forecasts. Seven analysts surveyed by Zacks expected $863.1 million.

_____

Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MAT at https://www.zacks.com/ap/MAT

Follow us on Facebook, Twitter & RSS:
Sign-Up For Our FREE email edition
Get the news first with our free weekly email
Name
Email  
TNLedger.com Knoxville Editon
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0