Not so iron, man: Marvel’s shares tumble on 2008 outlook
August 6, 2008
Marvel Entertainment Inc. may have to send Tony Stark back to the lab: The company’s latest financial outlook didn’t cut it with investors.
New York-based Marvel, whose spring movie hit “Iron Man” featured Robert Downey Jr. as the scientist-genius-egomaniac Stark, today reported a 60% jump in second-quarter profit, thanks mainly to a surge in revenue from licensing of merchandise tied to “Iron Man” and others in Marvel’s large cast of characters.
But Wall Street focused on the company’s revised revenue and profit forecasts for 2008. Although Marvel boosted its revenue estimate for this year to a range of $450 million to $480 million, an increase of 20% from its May forecast, analysts’ consensus was for $516 million, according to Bloomberg data.
- from LAtimes
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