Hasbro raises profit forecast after cost-cutting push

Steady growth in its mobile and video games, including 'Monopoly Go!' and 'Baldur's Gate 3', led to a 20% jump in quarterly revenue from the company's 'Wizards of the Coast' unit

The company manufacturers toys such as Nerf, GI Joe and My Little Pony. It also produces toys for Marvel and Star Wars. 

Toymaker Hasbro posted a smaller-than-expected drop in sales during the latest quarter as it beat profit expectations through cost control measures and a steady demand for digital gaming.

Shares in the company, which manufacturers toys such as Nerf, GI Joe and My Little Pony, increased by 7% during early trading on Thursday.