(Bloomberg) -- Hasbro Inc. shares rose as much as 11%, the biggest intraday gain since April 2023, after the toymaker reported first-quarter earnings that beat estimates, a promising sign for the company’s turnaround efforts. 

The Pawtucket, Rhode Island-based company reported adjusted earnings per share of 61 cents compared with the 27-cent average of estimates compiled by Bloomberg. Revenue was $757.3 million, more than the $738.5 million analysts forecast. 

Shares were up 10.3% to $64.16 at 9:33 a.m. in New York. 

“We are continuing to see the results of our transformation work,” Chief Executive Officer Chris Cocks said in a statement Wednesday. 

Hasbro announced plans to slash about 20% of its staff in late 2023, blaming slumping sales of toys and games in the crucial holiday season. Cynthia Williams, president of Hasbro’s Wizards of the Coast and gaming division, resigned last week, leaving an opening atop a growing part of the toy company. 

Revenue at the division increased 7% in the first quarter, driven by an increase in digital licensing behind Baldur’s Gate 3 and Monopoly Go!

Last year, Hasbro sold its eOne film and TV business to Lions Gate Entertainment Corp. as it focuses its spending in entertainment on its toy franchises, which include Transformers and G.I. Joe. 

On Tuesday, rival Mattel Inc. reported a narrower loss than analysts expected thanks to growing sales of its Hot Wheels miniature cars, stores clearing previously bloated toy inventories and cost cuts. 

Read More: Mattel Shares Rise After Hot Wheels, Cost Cuts Reduce Loss

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