Light & Wonder Inc reported consolidated revenue of US$818 million in the three months to 30 June 2024, up 12% year-on-year and 8% higher than the March quarter thanks largely to strength in its Gaming segment.
Net income of US$82 million was up from US$5 million a year earlier, while Adjusted EBITDA grew from US$281 million in 2Q23 to US$330 million and net profit after tax by 40% to US$130 million.
According to information released overnight, the Gaming segment saw revenue up by 14% year-on-year to US$539 million, driven by global gaming machine sales growth, which increased 32%, coupled with record gaming operations unit expansion in the North American installed base and growth across gaming systems. Segment Adjusted EBITDA was up by 17% as a result with a 100-basis point improvement in margin.
All segments enjoyed year-on-year increases, with SciPlay revenue up 8% to US$205 million driven by the social casino business, which continues to outpace the market and gain share on strong payer metrics, the company said.
iGaming revenue grew by 6% to US$74 million, primarily reflecting continued momentum in North America.
“Light & Wonder continues to capitalize on opportunities underpinned by our scale and diversified product offerings as demonstrated through the growth momentum across the business,” said Light & Wonder’s President and CEO, Matt Wilson.
“We saw strong progress in the gaming business as the expansion of units in the North American installed base reached an inflection point. Our global presence enables further product refinement and market penetration with our suite of games and casino solutions.
“We continue to develop our catalog of proven, evergreen franchises to bring the most engaging experiences to our players, leveraging the power of our portfolio across land-based, social and iGaming platforms.
“The uplift that we have continued to see across the business is a testament to the quality of the talent and culture in our organization. I am pleased with the continued momentum that we are seeing and know that the best is yet to come.”
For the first six months of 2024 combined, Light & Wonder has seen consolidated revenue climb by 13% to US$1.6 billion, with Adjusted EBITDA up 15% to US$610 million and Adjusted net profit after tax up 31% to US$234 million.
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