Mattel, Inc. (NASDAQ:MAT) stock was hit hard on Friday following the release of its earnings report for the first quarter of 2017.
Mattel, Inc. reported revenue of $735.60 million. This is a decrease from the $869.40 million in revenue that was reported during the same time last year. It also came in below Wall Street’s revenue estimate of $804.82 million for the quarter.
Mattel, Inc. saw toys sales in every category decrease in the first quarter of 2017 when compared to the same time last year. This includes declining sales for boy and girl toys, Fisher-Price, American Girl, and its construction and arts brands.
Losses per share reported by Mattel, Inc. in the first quarter of 2017 was 33 cents. The toy company reported losses per share of 21 cents in the first quarter of 2016. Analysts were expecting MAT to report losses per share of 17 cents during the first quarter of 2017.
During the first quarter of 2017, Mattel, Inc. reported an operating loss of $127 million. This is worse than the operating loss of $49.10 million that was reported by the company in the same period of the year prior.
Mattel, Inc. reported a net loss of $113.20 million in its first quarter of the year. The toy company’s net loss from the first quarter of the previous year was $73 million.
Mattel, Inc. has also announced a dividend of 38 cents per share for investors. This is flat when compared to the same time last year. It will be payable on June 9, 2017 to shareholders that are on record as of May 19, 2017.
MAT stock was down 11% as of noon Friday.