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Funko's (FNKO) second-quarter 2023 earnings results are likely to reflect the impacts of a challenging operating backdrop and higher costs.
Funko Inc. FNKO, +0.67% on Friday said that it planned to cut between roughly 180 to 200 employees, or around 12% to 13% of its staff, the latest effort to scale back as the toy maker deals with weaker industry-wide toy demand and tries to manage its costs. Funko — known for its Funko Pop dolls modeled after popular movie and comic-book characters — said in a filing that the decision took hold on Thursday.
EVERETT, Wash.--(BUSINESS WIRE)--Funko, Inc. (Nasdaq: FNKO), a leading pop culture lifestyle brand, today announced that it will host a conference call on Thursday, August 3, 2023, at 4:30 p.m. ET to discuss its financial results for the second quarter ended June 30, 2023. The conference call will be webcast and can be accessed on the investor relations section of the Funko website at https://investor.funko.com. After the call, a replay of the webcast will be available on the same website. Abou.
Funko Inc. FNKO, -0.69% said late Thursday that Chief Executive Brian Mariotti will take a leave of absence, effective immediately. Mariotti was brought back to be the figurine maker's CEO in December amid concerns about falling sales.
Funko lost less money and sold more stuff than expected in Q1. For 2023, Funko forecast EBITDA profits as much as twice what it earned in 2022.
Funko-A (FNKO) came out with a quarterly loss of $0.49 per share versus the Zacks Consensus Estimate of a loss of $0.92. This compares to earnings of $0.34 per share a year ago.
The move comes after Funko Pop inventory ballooned nearly 50% in the last year, with unsold toys cluttering warehouses and distribution centers.
Funko (NASDAQ: FNKO ) stock is taking a beating on Thursday following the release of its earnings report for the fourth quarter of 2022. The bad news for FNKO stock starts with its adjusted earnings per share of -35 cents.
Funko, Inc. (NASDAQ:FNKO ) Q4 2022 Earnings Conference Call March 1, 2023 4:30 PM ET Company Participants Ben Avenia-Tapper - Director of IR Brian Mariotti - CEO Steve Nave - CFO & COO Conference Call Participants Alexander Perry - Bank of America Merrill Lynch Linda Bolton-Weiser - D.A. Davidson & Co Megan Alexander - JPMorgan Gerrick Johnson - BMO Stephen Laszczyk - Goldman Sachs Andrew Uerkwitz - Jefferies Operator Good afternoon, and welcome to Funko's conference call to discuss financial results for the fourth quarter of 2022.
Funko-A (FNKO) delivered earnings and revenue surprises of -218.18% and 5.07%, respectively, for the quarter ended December 2022. Do the numbers hold clues to what lies ahead for the stock?