Funko Stock Was Plummeting Despite Q3 Revenue Beat (Correction)

Funko stock (NASDAQ:FNKO) is sinking late in the day as the company reported its latest quarterly earnings results, which were down year-over-year.

Funko Stock

The pop culture collectibles manufacturer said that for its third quarter of fiscal 2018, it brought in net income of $8.1 million, or 8 cents per share. The figure was slightly below the $8.26 million it amassed during the year-ago quarter.

Funko added that its net sales for the period came in at $176.9 million, marking a 24% jump compared to the $142.8 million of the third quarter of its fiscal 2017. The figure did beat what analysts were projecting in their third-quarter sales guidance at $166.04 million.

“Our strong portfolio of properties and products, and our growing network of retail partners allowed us to achieve very strong third quarter growth in sales,” said CEO Brian Mariotti in the company’s press release. “We have delivered great results in every quarter since our IPO last year, despite a retail landscape that companies in the toy industry have described as challenging.”

Funko’s net sales in the U.S. surged 16%, reaching $121.3 million, while its international net sales increased by 44% to reach $55.6 million thanks in large part to its growing success in Europe.

FNKO shares were down more than 4.9% during regular trading hours as the company geared up to reveal its latest quarterly results. The company’s results ultimately fell year-over-year on the earnings front, sending Funko stock plummeting nearly 9.8% after hours late Thursday.

Correction: A previous version of the article wrongfully mentioned that earnings were below Wall Street’s expectations.

Article printed from InvestorPlace Media,

©2022 InvestorPlace Media, LLC