WORLD NEWS

Funko reports slightly lower net income on higher revenue

Published on: 12th November 2018

Funko has reported that net income in the third quarter fell 2% to $8.1m, or 8 cents per share, from a year ago.

Funko’s net revenue for the third quarter, which ended 30th September, rose 24% to $176.9m, compared with $142.8m during the same period a year ago, according to documents filed with the US Securities and Exchange Commission.

Net income decreased to $8.1m from $8.26m during the same period a year ago.

Brian Mariotti, Funko’s CEO, commented in a news release: “Our strong portfolio of properties and products, and our growing network of retail partners allowed us to achieve very strong third quarter growth in sales. We have delivered great results in every quarter since our IPO (initial public offering) last year, despite a retail landscape that companies in the toy industry have described as challenging.”

Brian added that the company is “excited about the early performance of recently launched licences and categories” and looks forward to 2019, “which looks to be a banner year for pop-culture content, and one in which we plan to continue to expand into new categories.”

Funko also raised its guidance for 2018.

The company expects sales this year to be about $645m to $650m. That’s up from August guidance, when the company predicted 2018 sales in the range of $620m to $630m.

Funko’s stock fell 1.02% on Thursday, closing at $19.95 a share.

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