Today, Hasbro shared its preliminary financial numbers for 2022 and announced that it will be laying off around 1,000 employees—approximately 15% of its total workforce.
Wizards of the Coast had a phenomenal fourth quarter of 2022 with estimated revenue of $339 million, up 22% year-over-year. For the entirety of 2022, Wizards revenue grew to an estimated $1.33 billion, an increase of 3% year-over-year.
However, the rest of Hasbro didn’t fare as well. As a company, Hasbro’s preliminary 2022 revenue came in around $5.86 billion, which is down 9% from 2021. Revenue for its Consumer Products segment fell 10% year-over-year while its Entertainment segment was down 12% when compared to 2021.
“Despite strong growth in Wizards of the Coast and Digital Gaming, Hasbro Pulse, and our licensing business, our Consumer Products business underperformed in the fourth quarter against the backdrop of a challenging holiday consumer environment,” said Hasbro CEO Chris Cocks.
As a result, Hasbro says that it will be laying off approximately 15% of its global workforce, or around 1,000 people. These layoffs come at a time when many large companies are reducing their payrolls, with companies like Google, Microsoft, Meta, and Amazon all laying of tens of thousands of workers.
Hasbro didn’t release any details about what divisions would be impacted by the layoffs. We will likely learn more when Hasbro delivers its official Q4 and 2022 financial information on February 14, 2023.