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AMD reported a net income of $116 million, or 11 cents per share, in the second quarter ended June 30, compared to a loss of $42 million, or 4 cents per share, a year earlier. This was the company’s highest quarterly net income in seven years, AMD said. Excluding items, the company earned 14 cents per share, beating the analysts’ average estimate by 1 cent, according to Thomson Reuters I/B/E/S. Revenue rose 53 percent to $1.76 billion, marginally topping estimates of $1.72 billion. For the third quarter, AMD forecast revenue of about $1.7 billion, plus or minus $50 million. Analysts had expected revenue of $1.76 billion.
(Reuters) - Mattel Inc’s (MAT.O) quarterly sales missed analysts’ estimates on Wednesday, weighed down by the absence of a big movie tie-in in the quarter, while the liquidation of key customer Toys ‘R’ Us continued to hurt the U.S, toy maker, Mattel shares fell nearly 9 percent to $14.88 in extended trading, The company also said that it will cut 2,200 silver wolf cufflinks jobs, or 22 percent of its global non-manufacturing workforce, and plans to sell factories in Mexico, as part of a $650 million cost-saving program..
Mattel had a total of about 28,000 employees as of Dec. 31, 2017. The company’s net sales fell 13.7 percent to $840.7 million in the second quarter ended June 30, short of the $851.8 million analysts had expected, according to Thomson Reuters I/B/E/S. “We .. had a challenging second quarter driven primarily by the Toys “R” Us liquidation,” Mattel’s newly minted Chief Executive Officer Ynon Kreiz said in a statement. Mattel said closure of the “Geoffrey the Giraffe” brand dented its gross sales by 10 percent in the reported quarter.
Kreiz, however, told Reuters he was optimistic that the company silver wolf cufflinks could recover lost sales from the defunct retailer, saying that he was in “deep conversations” with other retailers to fill the gap, The Hot Wheels maker’s results paint a contrasting picture of how U.S, toy makers are dealing with the collapse of Toys ‘R’ Us, with rival Hasbro Inc (HAS.O) relying on sales of its toys based on big movie successes, Avengers: Infinity War and Black Panther to help it beat quarterly results estimates earlier this week..
Revenue from Mattel’s partner brands, which includes sales from toys based on movie franchisees fell 23 percent in the reported quarter. “We had a one-off very big quarter last year because of Cars 3 which also skewed the results,” Kreiz said. The fall in Mattel’s partner brands revenue also highlights Hasbro’s lead in obtaining lucrative Hollywood contracts to make toys based on blockbuster movies, at a time when kids increasingly prefer video games and mobile entertainment over traditional toys.
WASHINGTON (Reuters) - Sinclair silver wolf cufflinks Broadcast Group Inc (SBGI.O) and Tribune Media Co (TRCO.N) shares rose on Wednesday after U.S, President Donald Trump criticized regulators for deferring a decision on their proposed $3.9 billion tie-up and a federal appeals court upheld a change in broadcast ownership rules, “So sad and unfair that the FCC wouldn’t approve the Sinclair Broadcast merger with Tribune, This would have been a great and much needed Conservative voice for and of the People,” Trump wrote on Twitter..
Sinclair shares closed up 3.8 percent at $27.05, while Tribune rose 3.3 percent to $33.92. Sinclair is down about 19 percent since Federal Communications Commission Chairman Ajit Pai said on July 18 he had “serious concerns” about the deal announced in May 2017. Pai said on Wednesday he was not backing down from the decision to refer the deal for review by an administrative law judge despite Trump’s comments. “I stand by our decision,” Pai told a U.S. House panel. Pai, who has come under heavy criticism from Democrats previously for taking actions that could benefit Sinclair, said he did not make decisions based on the ideology of applicants but looked at the facts. “Nothing more, nothing less,” he said.
The FCC voted last week 4-0 to refer the proposed merger to an administrative law judge to review questions about silver wolf cufflinks the company’s candor, a move that analysts say will likely lead to the deal’s collapse, The FCC said Sinclair “did not fully disclose” facts about the merger, raising questions about whether the company “attempted to skirt the commission’s broadcast ownership rules.”, Sinclair, the largest U.S, television station owner, did not immediately comment on Trump’s tweet and has denied it misled the FCC about station divestitures..