Light & Wonder has posted its financial results for the third quarter of 2024, showing a robust performance in key areas despite a slight dip in net income. The company recorded a 12% year-over-year increase in consolidated revenue, totaling $817 million for Q3. Additionally, Light & Wonder’s consolidated AEBITDA rose by 11.5%, reaching $319 million. These increases reflect the company’s ongoing expansion, marking its ninth consecutive quarter of growth in consolidated revenue.
However, the company faced a 20% decrease in net income compared to the previous year, which fell to $64 million. The drop in net income was primarily attributed to higher restructuring costs and other expenses related to “certain legal matters.” Despite this, Light & Wonder’s growth in revenue and AEBITDA signals a strong operational foundation.
Gaming Revenue and Other Segments Perform Well
The company’s gaming division contributed significantly to its total revenue, generating $537 million in the third quarter, a 15% increase from the same period last year. In addition, the company’s SciPlay and iGaming segments saw healthy growth, with revenue from these areas reaching $206 million and $74 million, respectively. SciPlay revenue grew by 5%, while iGaming revenue saw a 6% year-over-year increase.
Light & Wonder’s success in these areas highlights the strength of its diverse product portfolio. As the company continues to expand its offerings across various gaming platforms, it remains well-positioned to capitalize on new opportunities in the gaming technology sector.
Matt Wilson, President and CEO of Light & Wonder, expressed confidence in the company’s trajectory, attributing the strong results to the efforts of the company’s talented team and its scalable R&D platform. “Our results once again reflect the relentless collective efforts of the talent across our organization underpinned by our robust and scalable R&D platform,” said Wilson. He emphasized Light & Wonder’s commitment to executing its cross-platform strategy, focusing on innovative content and products to maintain its leadership in the global gaming technology market.
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