UPDATE: Mattel Reports 56% Rise In Q2 Net Income

Mattel Inc MAT reported a 56% rise in its second-quarter net income. Mattel's earnings surged to $80.5 million, or $0.23 per share, from $51.6 million, or $0.14 per share, in the year-ago period. Its shares outstanding dropped 4.1% to 350.9 million. Mattel's sales rose to $1.16 billion from $1.02 billion. Analysts were expecting earnings of $0.16 per share on sales of $1.1 billion. Mattel shares gained 0.78% to $27.00 in after-hours trading.