05:38 PM EDT, 07/30/2024 (MT Newswires) -- Spin Master ( SNMSF ) reported a sharply lower second quarter adjusted profit.

The toy company said adjusted income fell 39.2% to $9.6 million, or $0.09 per share, from $48.8 million, or $0.45, last year.

Revenue fell 8.7% to $412 million, from $420.7 million in the prior-year period.

"Our second quarter revenue was in line with our expectations, despite pressure on consumer spending, impacting both Toy Gross Product Sales and in-game purchases within Digital Games," said Max Rangel, Spin Master's ( SNMSF ) Global chief executive.

The company reiterated its outlook for 2024.

In a separate statement, Spin Master ( SNMSF ) announced that its chief financial officer Mark Segal will retire in the first half of next year.

The company's shares closed up $0.42 to $33.17 on the TAoronto Stock Exchange.