Mattel Beats Profit Expectations but Cuts Forecast for 2022

By Liz Moyer

Investing.com -- Mattel Inc (NASDAQ: MAT) beat expectations on profit but fell slightly short of revenue forecasts and cut its annual profit forecast, anticipating a slower holiday season for toy sales.

Profit of 82 cents a share on revenue of $1.76 billion compared with expectations for profit of 75 cents a share on revenue of $1.78 billion.

The toy company said it expects demand will increase but it will offer more discounts and promotions during the holidays to stay competitive with rivals.

It cut its profit forecast for 2022 to $1.32 to $1.42 a share from previous guidance of $1.42 to $1.48 a share. It said it is evaluating expectations for 2023 and would update on the fourth quarter call with analysts. It added it expect top and bottom line growth next year.

Shares of Mattel fell 4.8% in after-hours trading.

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