It’s been a bad day for little plastic figurines with misshapen skulls as Funko (NASDAQ:FNKO) dropped over 23% at one point in Friday afternoon’s trading. The latest earnings report gave investors little reason to cheer, and Funko’s latest CEO, Brian Mariotti, would step down in the wake of said report.
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Mariotti will be replaced by Michael Lunsford as an interim CEO. Lunsford currently serves on Funko’s board of directors, and Mariotti, meanwhile, will “stay active on our board.” It’s worth noting that Mariotti’s latest tenure hasn’t gone well. After all, he was CEO during a time when Funko posted a loss of $0.49 per share, and revenue dropped 18.3% against the same time last year to hit $251.9 million. Granted, Funko’s results turned out to be beats—analysts were looking for a loss of nearly double that at $0.92 per share, and revenue of just $235.62 million—but in the end, Funko did still ultimately lose quite a bit of money. In perhaps an even unkinder cut, Mariotti was brought in as a replacement CEO himself, reappointed to the post after a huge miss in earnings.
Guidance, meanwhile, proved little better. Funko’s full-year forecast stands at between $1.29 billion and $1.33 billion, which means little growth, and roughly in line with analyst forecasts calling for $1.33 billion.
Those same analysts stand largely split on Funko’s ultimate outcome. Funko stock is currently rated a Hold by analyst consensus, supported by one Buy rating, two Hold and one Sell. With an average price target of $12, meanwhile, Funko stock boasts a 55.14% upside potential.
