MAT - Why Mattel Stock Jumped This Morning
2024-04-24 12:54:40 ET
Shares of toy company Mattel (NASDAQ: MAT) jumped on Wednesday morning following its financial report for the fiscal first quarter of 2024. As of noon ET, Mattel stock was up almost 5%.
The stock market's positive reaction to Mattel's financial results is a little surprising. Q1 net sales were down 1% year over year to $810 million, which was below expectations. The company's gross margin had a strong improvement to 48%. Its net loss improved by $78 million compared to the prior-year period. But despite the profit improvements, it still had a Q1 net loss of $28 million.
In short, Mattel's financial results may have had some encouraging elements, but I wouldn't necessarily call them good.
For further details see:
Why Mattel Stock Jumped This Morning