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Investing.com -- Light & Wonder, Inc. (NASDAQ:LNW) reported first quarter earnings that fell short of analyst expectations, sending shares down 2.6% in after-hours trading.
The gaming technology company posted adjusted earnings per share of $0.94, missing the consensus estimate of $1.11. Revenue came in at $774 million, below analyst projections of $806.04 million.
Despite the miss, Light & Wonder highlighted its 16th consecutive quarter of year-over-year consolidated revenue growth. The company saw a 4% increase in Gaming revenue to $495 million, driven by growth across all business lines. However, SciPlay (NASDAQ:SCPL) revenue declined 2% to $202 million.
"Our R&D investment, vast array of product offerings and comprehensive content strategy continue to deliver success in game deployment and franchise expansions," said CEO Matt Wilson.
The company repurchased approximately 1.9 million shares of common stock for $166 million during the quarter. Light & Wonder maintained its 2025 consolidated AEBITDA target of $1.4 billion.
For the quarter, consolidated AEBITDA rose 11% year-over-year to $311 million. The company’s net income remained flat at $82 million compared to the prior year period.
Light & Wonder noted its pending $850 million acquisition of Grover Gaming’s charitable gaming business is on track to close in the second quarter of 2025.
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