Light & Wonder sees 12% revenue rise, Gaming leads growth
Key Takeaways
- Light & Wonder reported a 12% year-over-year revenue increase in Q3 2024, with total revenue of $817 million USD.
- Consolidated AEBITDA (Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization) rose by 11.5% to $319 million USD.
- Net income dropped by 20% to $64 million USD, primarily due to higher restructuring costs and legal expenses.
- The company’s Gaming segment generated $537 million USD in revenue, a 15% increase compared to the previous year.
Revenue Growth Despite Declining Net Income
Light & Wonder released its financial results for Q3 2024, showcasing strong performance across several key areas despite a decline in net income. Total revenue increased by 12% year-over-year, reaching $817 million USD. This marks the ninth consecutive quarter in which the company has reported revenue growth.
The company’s AEBITDA, a key metric for evaluating operational performance, also rose by 11.5% to $319 million USD. These figures indicate a solid operational foundation, despite a 20% drop in net income to $64 million USD. The decline in net income was primarily attributed to higher restructuring costs and expenses related to “certain legal matters.”
Strong Performance in the Gaming Segment
Light & Wonder’s Gaming segment was the main driver of revenue growth, generating $537 million USD in Q3, a 15% increase compared to the previous year. Other business segments, such as SciPlay and iGaming, also contributed to the positive results. SciPlay, which focuses on social games, posted $206 million USD in revenue, representing a 5% increase. The iGaming segment, which includes online casino games, grew by 6% and reported $74 million USD in revenue.
These results highlight the strength of Light & Wonder’s diversified product portfolio. The company has demonstrated its ability to expand its offerings across various platforms, capitalizing on new opportunities in gaming technology.
Focus on Innovation and Expansion
Matt Wilson, President and CEO of Light & Wonder, expressed optimism about the company’s future prospects. He emphasized that the current results reflect the team’s ongoing efforts and the company’s scalable research and development (R&D) platform.
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“Our results once again reflect the relentless collective efforts of the talent within our company, supported by our robust and scalable R&D platform,” said Wilson. He highlighted that Light & Wonder continues to pursue a cross-platform strategy, focusing on innovative content and products to maintain its leadership position in the global gaming technology market.
Our Assessment
Despite the decline in net income, Light & Wonder demonstrates solid operational performance. The company benefits from a diversified product portfolio and a strong Gaming segment. Continued expansion in SciPlay and iGaming shows that Light & Wonder is well-positioned to capitalize on new opportunities in the gaming sector. However, challenges related to restructuring costs and legal expenses could continue to pressure net income in the coming quarters. Nevertheless, the company remains well-positioned due to its innovation capabilities and scalable R&D platform.
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