Barbie maker is in free fall after announcing that its profits would be lower than expected this year (MAT)

• Mattel said Friday that his first quarter gross business figure would be lower than the previous year.
• The toy maker also posted disappointing forecasts for its adjusted EBITDA for the full year.
• The company said in October that its operations and the entire toy industry had suffered from the duties imposed by President Donald Trump on China.
• Watch Mattel's trade live.

Mattel, the second largest toy maker behind Hasbro, said Friday that its profits would be lower than those anticipated by investors this year. The shares fell 16.97% to $ 14.02 each, recording their biggest intraday loss since 2017.

In a presentation to investors, the company said it expects an adjusted EBITDA for the full year of between $ 350 million and $ 400 million. Although the measure may not be comparable to badysts' estimates for a higher amount, shares plunged as a result of this news and trading was halted at 15:04 ET, according to Bloomberg.

The company also said that its first quarter gross business figure would be lower from one year to the next.

At the end of last year, shoe manufacturer Barbie said its tariffs and taxes imposed by President Donald Trump on China were hurting its business and the entire toy industry.

"It's something that will affect the entire toy industry," Yon Kreiz, CEO of Mattel, told investors in October.

"The Toy Industry Association of America recently announced that 85% of all toys sold in the US were imported from China, and in our case they represent less than two-thirds of the population, so we're in a better position. . "

Mattel is up 44% so far this year.

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