The list is a list of digits, which combine into a single number (that is: '(1 2 3) == #123). 123 × 4 = 492, so (times #123 #4)) unsurprisingly evaluates to #492 (a.k.a. '(4 9 2)).

A bit funky if you're coming from a Lisp that actually does have numbers that evaluate to themselves, but when it hits you it hits you :)