What's Going On With Kartoon Studios Stock Today?

Kartoon Studios Inc TOON shares are trading higher. The company reported financial results on Wednesday and announced the launch of the Stan Lee store on Amazon.com.

What Happened: Kartoon Studios reported fourth-quarter revenue of $8.8 million and full-year 2023 revenue of $44.1 million.

The company said its streaming platform Kartoon Channel! was key to its 2023's results after it reached a break-even point for operating income in the fourth quarter of last year. In comparison, it took Netflix Inc NFLX six years to break even, the company said. Paid subscribers for Kartoon Channel! grew 19% in 2023 versus the previous year.

“Kartoon Studios remains steadfast in its commitment to maximizing our operational efficiency and implementing stringent cost management practices, all with the goal of achieving sustained, long-term, profitable growth. We are actively pursuing a detailed plan aimed at lowering operational costs throughout the organization while growing revenue alongside the recovery of the overall industry,” said Brian Parisi, CFO of Kartoon Studios.

Kartoon Studios said it will be further focusing on the Stan Lee brand and implementing AI across the organization in 2024 in an effort to propel the brand further and enhance operational efficiency through the use of AI technology.

Alongside the company’s financial results, Kartoon Studios also put out a press release announcing the launch of a new dedicated Stan Lee storefront on Amazon.com Inc AMZN. The storefront offers a collection of branded apparel and merchandise with graphics paying tribute to Lee.

“The launch of our first Stan Lee dedicated storefront with Amazon and Meteor is game-changing for our brand because it offers an incredible, far- reaching, and trusted ecommerce store to provide Stan’s legion of tens of millions of devoted fans globally, access for the first time to Stan Lee merchandise,” said Andy Heyward, chairman and CEO of Kartoon Studios. 

See Also: Netflix Revamps Film Division with Genre-Specific Focus Under New Leadership

TOON Price Action: Kartoon Studios shares were up 5.23% at $1.62 at the time of publication, according to Benzinga Pro.

Photo: 3844328 from Pixabay.