El Segundo-based Mattel to cut 2,200 jobs worldwide amid earnings loss

EMBED </>More Videos

Mattel says it will cut 2,200 jobs as the maker of Barbie dolls and Hot Wheels cars tries to save money. (KABC)

Mattel says it will cut 2,200 jobs as the maker of Barbie dolls and Hot Wheels cars tries to save money.

The toy company was hurt by the closing of Toys R Us, with revenue falling 14 percent in the most recent quarter. A Mattel spokesman says the job cuts are a part of the company's efforts to cut at least $650 million in costs.

Mattel, based in El Segundo, California, says the jobs cuts will affect office workers around the world. The company has about 28,000 employees.

Shares of Mattel Inc. fell more than 9 percent to $15.15 in after-hours trading

The company posted a loss of $240.9 million in its second quarter. On a per-share basis, the company said it had a loss of 70 cents. Losses, adjusted for one-time gains and costs, were 56 cents per share. The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 32 cents per share.

Mattel posted revenue of $840.7 million, also falling short of Street forecasts. Seven analysts surveyed by Zacks expected $863.1 million.
Related Topics:
businessmatteltoyslayoffEl SegundoLos Angeles County
(Copyright ©2018 by The Associated Press. All Rights Reserved.)