Why Hasbro Stock Jumped Today
Key Points
Hasbro's smash hit eclipsed $500 million in quarterly revenue for the first time.
Magic: The Gathering continues to be a blockbuster franchise.
Hasbro raised full-year guidance after the strong quarter.
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Hasbro (NASDAQ: HAS) has a huge hit on its hands, and it's carrying the stock higher today. The global game and entertainment company raised full-year guidance after it reported a strong second quarter.
Hasbro stock jumped on the news, rising 10.1% as of 10:47 a.m. ET.
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Hasbro's magic
Hasbro's results were largely driven by its Wizards of the Coast and Digital Gaming segment. The Wizards subsidiary has a huge hit on its hands with the Magic: The Gathering game. Revenue from the game soared 32% year over year, breaking $500 million in the quarter for just the first time in its 30-year history.
Expansion releases for the game are driving sales. That included Marvel Super Heroes, released in June, and Secrets of Strixhaven, released in April. For context, Hasbro's Monopoly Go! game contributed just $44 million of revenue in Q2.
Investors buying Hasbro stock are really investing in the Magic franchise at this point. And the company believes it has staying power. Management increased full-year revenue, adjusted operating income, and profit guidance following the strong results.
In addition to its growth prospects, Hasbro can also be considered an income stock. Even after today's price jump, the stock yields over 3%, and management also allocates excess cash to share repurchases. Many investors are finding a place for it in their portfolios today.
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Howard Smith has no position in any of the stocks mentioned. The Motley Fool recommends Hasbro. The Motley Fool has a disclosure policy.
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