NEW YORK - Mattel Inc, the world's largest toy maker, Thursday reported $922.7 million revenue in first quarter, a 2 percent year-over-year drop but well above the $898 million analyst consensus.

The maker of iconic toy brands like Barbie and Hot Wheels recorded a $58.2 million or 17-cent per-share net loss, widening from a year-earlier loss of $11.2 million.

Excluding special items Mattel posted a $14.6 million net loss, or 8 cents per share. In the corresponding period last year, the company posted $0.03 earnings per share.

The company reported 2.5 percent drop in overall sales with an 8 percent increase in North America that was offset by a 14 percent decline in its international division.

"In the first quarter, we took a number of steps to implement a rapid turnaround at Mattel," Christopher Sinclair, Mattel's new chairman and CEO, said in a statement Thursday afternoon. Sinclair, who served as the company's interim CEO after Brian Stockton abruptly resigned in January, was named the permanent replacement at the beginning of April.

"We are already benefiting from better decision-making, alignment and enhanced accountability. And we've begun to refocus our culture on creativity, innovation and improving our speed to market.

Sinclair unveiled broad plans for the turnaround including working faster to develop toys, encouraging partnerships with technology companies, improving displays at retailers, and telling better stories around top brands like Barbie and Thomas the Tank Engine.

"The board and I don't want to waste time in moving forward with the necessary changes to revitalize the business," Sinclair said.

Mattel shares rallied 6.7 percent to $26.95 on moderate volume in the extended session Thursday.

Mattel Thursday also announced an exclusive partnership with Quirky, the company that makes invention accessible, to spark invention in toys, play and baby gear.

Harnessing the power of Quirky's global community and Mattel's iconic Brands, Quirky and Mattel will reimagine Mattel's portfolio of products to drive growth for brands like Barbie, Fisher-Price, and Hot Wheels.

This partnership combines Mattel's scale and 70 years of toy-making history with Quirky's open and agile approach to product development.

Started Thursday, the companies have invited everyone to submit new product ideas for toys, games, and family products to Quirky's online platform to support Mattel's vision to create deeper consumer connections and reimagine how children play, learn, and grow.

Quirky and Mattel will begin developing the new products alongside Quirky's global community, the first of which may be available for holiday 2015.

"This marks a new era for Mattel," said Richard Dickson, President and Chief Operating Officer, Mattel.

"Leveraging Quirky's platform allows us to discover new ideas for our toys and unique solutions for our baby products. Just as importantly, this new partnership will enable us to accelerate the speed and scope of invention by tapping into Quirky's dynamic community."

The relationship with Mattel is the third addition to the Powered by Quirky initiative, a new series of product-development partnerships with category leaders. Powered by Quirky enables Quirky's community to work with industry-leading companies like Mattel to impact the brands they love.

To date, Quirky has received close to 15,000 toy-related idea submissions from its community.