By Kathryn Hardison

Walt Disney Co. plans to trim 7,000 jobs and eliminate $5.5 billion in costs as part of a major corporate reorganization. Disney on Wednesday also reported better-than-expected sales and earnings for its December quarter. Shares increased 5.7% in after-hours trading.

Mattel Inc.'s profit plunged and sales declined in the fourth quarter. The toymaker said cash-strapped consumers pulled back on spending in October and November and last-minute holiday purchases weren't enough to lift results. Shares fell 11% in after-hours trading.

Sonos Inc. reported better-than-expected results for the holiday period on strong consumer demand for its smart speakers. Shares gained 15% in after-hours trading.

Applovin Corp. logged better-than-expected revenue in the recent period and said it expects the mobile advertising market to remain relatively stable in the first quarter. Shares climbed 28% in after-hours trading.

Affirm Holdings Inc. said it is laying off 500 employees, or 19% of its workforce. The buy-now-pay-later company also cut its outlook for fiscal 2023. Shares dropped 20% in after-hours trading.

MGM Resorts International posted higher quarterly revenue on improving business and travel in Las Vegas and its regional operations. The casino operator also set a $2 billion share buyback program. Shares increased 5% in after-hours trading.

Write to Kathryn Hardison at kathryn.hardison@wsj.com

(END) Dow Jones Newswires

February 08, 2023 19:16 ET (00:16 GMT)

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