Funko (FNKO) Stock Declines on in-Line Q2 Earnings

Funko (NASDAQ:FNKO) stock was sinking on Thursday afternoon as the company reported its latest quarterly earnings results, which were better than what analysts were calling for.

Funko (FNKO)

The pop culture company said that for its second quarter of fiscal 2018, it brought in revenue of $138.7 million, a 30% increase compared to the sales of $104.7 million it amassed during the second quarter of fiscal 2017.

The figure was well ahead of what analysts were calling for as they projected revenue of $122.53 million. Funko also brought in net sales of $138.7 million for the period, marking a 323% gain compared to the year-ago quarter.

On an adjusted basis, the company brought in earnings of 2 cents per share, which was in line with what Wall Street was calling for in its consensus estimate. These figures were fueled greatly by the company’s growth in Europe.

“We saw further growth in our product portfolio, in our geographic footprint, and in our profitability, and we also continued to see robust demand around the world for our products, which feature a diverse mix of evergreen and newly released content that appeals to a wide consumer audience,” said CEO Brian Mariotti in the company’s press release.

FNKO stock was gaining about 4.8% during regular trading hours on Thursday in anticipation of the company’s quarterly earnings results. Shares were down about 5.8% after the bell despite the company’s earnings beat.

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