Shares Of World's Biggest Toymaker Crater After It Suspends Dividend
Shares of Mattel, the world's biggest toymaker, cratered as much as 24% after hours after the company announced it would suspend its quarterly dividend starting in Q4, and instead use the cash to shore up its faltering business after a big hit following the bankruptcy of its largest retailer Toys‘R‘Us. A quarter of Mattel's market cap was wiped out after earnings, which were disappointing even without the dividend news. The suspension of its quarterly dividend of 15 cents a share is expected to save Mattel a modest $50 million per quarter.