Mattel Inc. posted second-quarter adjusted earnings of $0.19 a share, topping analysts’ consensus of $0.15 and matching the prior-year period. Revenue slipped 6% to $1.02 billion, short of the $1.05 billion expected, as softer orders from retailers weighed on sales. Gross margin improved 170 basis points to 50.9%—or 51.2% on an adjusted basis—helped by price increases and cost controls, while operating income fell $5 million to $78 million. The toymaker reinstated full-year guidance that it had withdrawn two months ago amid uncertainty over President Donald Trump’s 145% tariff on Chinese imports. Management now projects 2025 sales growth of 1% to 3% in constant currency and adjusted earnings of $1.54 to $1.66 a share, compared with the earlier, suspended outlook for 2% to 3% growth and earnings of up to $1.72. Demand for Barbie and Fisher-Price products declined in the quarter, partly offset by higher Hot Wheels billings. Shares fell roughly 3% in after-hours trading.