Earnings

Shares of Barbie owner Mattel skyrocketed more than 15 percent on Thursday, after the company reported better-than-expected fourth quarter earnings and revenue after the closing bell.

The toy company said it earned 4 cents per share on $1.52 billion in revenue in the quarter ended Dec. 31. Wall Street had expected Mattel to post a loss of 16 cents on $1.44 billion in revenue, according to Refinitiv.

“Our fourth quarter results demonstrate meaningful progress in executing our strategy and significant improvement over last year,” Ynon Kreiz, CEO of Mattel, said in a statement Thursday. “We remain focused on advancing our strategy to restore profitability and regain top-line growth in the short-to-mid-term and are laying the groundwork to capture the full value of our IP in the mid-to-long-term.”

This story is developing. Please check back for updates.

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