Reading Mattel's (MAT) latest financials was anything but fun. 

Mattel's stock fell by 8% to $23.21 in pre-market trading Friday after the Barbie maker reported weak 2017 first-quarter results.

Mattel delivered a first quarter net loss of 32 cents a share on revenue of $735 million, a far cry from the 17 cents a share loss on revenue of $794 million analysts surveyed at Factset were looking for.

In North America alone, total net sales fell 23%, worldwide gross sales for Barbie declined 13% and sales for other girls brands slipped a whopping 34%. Gross sales in North America for Mattel's boys and girls brands plunged 29%.

Gross margin for the quarter decreased 680 basis points.

"Our Q1 results were below our expectations due to the retail inventory overhang coming out of the holiday period," Mattel CEO Margaret Georgiadis said in a statement. "But we remain encouraged by strong performance at retail for our key core brands, including Barbie, Hot Wheels and Fisher-Price as well as sustained momentum in high-growth markets like China."

Georgiadis replaced former interim CEO Christopher Sinclair in February. Georgiadis' background as the former Google (GOOGL) President of the Americas has pushed her to drive tech growth in toy development since her takeover.

"In the toy industry, the first quarter is often called the fifth quarter, because it is where problems from the fourth quarter are often cleaned up -- this is precisely what we see happening with Mattel's business," explained BMO analyst Gerrick Johnson. 

Johnson added, "We think new CEO Margaret Georgiadis made the appropriate move in "right-sizing" guidance. We were also impressed with Ms. Georgiadis' comments on the conference call and her straight-forward approach."

Even still, despite making a drastic transformation under Sinclair that included diversifying Barbie's one-type body shape, the doll has dwindled in popularity. After petite, curvy and tall Barbie made their debut in January 2015, sales still declined 3.4% in the following 2016 first quarter.

It seems the more popular doll among kids these days are those in Disney's (DIS) Princess line, which is now being manufactured by Mattel's rival Hasbro (HAS) - which saw killer earnings and sales growth in its most recent fourth quarter.

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Updated from Apr. 20 with analyst details. 

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