Light & Wonder’s financial results for the first quarter of 2023 are published

Light & Wonder’s financial results for the first quarter of 2023 are published

Popular gambling industry brand Light & Wonder has shared positive operating results for the first three months of this year. Gaming revenue increased 18% year-over-year to $419 million (32.3 billion rubles). This was helped, in particular, by a 53 percent increase in slot machine sales.

Light & Wonder’s subsidiary, SciPlay, which develops games for social casinos, achieved record revenue. It managed to earn $186 million (14.34 billion rubles) in the first quarter. That’s an 18% increase over the previous year. The quarter was also a record for L&W’s iGaming operations. Revenue equaled $65 million (over 5 billion rubles), up 10% year-on-year – mostly due to continued growth in the U.S. market.

Net income was $27 million (2.08 billion rubles). This is significant progress compared to a net loss of $67 million (5.166 billion rubles) last year. The company improved thanks to lower interest expenses and higher income, including operating expenses.

Matt Wilson, Light & Wonder’s president and chief executive officer, said, We are off to a strong start to 2023, demonstrating all key metrics and again achieving double-digit revenue growth in all three divisions. Our strategy and streamlined investments are delivering higher returns as we continue to develop and implement a robust product roadmap, building on the strong momentum we saw in 2022. During the quarter, teams achieved several notable wins and key launches. We have a full set of plays that support progress toward long-term goals. With top talent, technology and products, we continue to strengthen our position as the leading global cross-platform gaming company.

Connie James, CFO of Light & Wonder, said: We continue to capitalize on the strong growth opportunities we see in our markets and improve margins across the business as we remain focused on operational excellence. This quarter demonstrates Light & Wonder’s favorable financial profile with strong revenue growth flowing into net income and, importantly, strong cash conversion. This allows us to invest in solid growth going forward. We remain focused on generating strong cash flow while maintaining a balanced and opportunistic approach to capital management and a healthy balance sheet to enhance value for our shareholders.

Noteworthy: CasinoCanada analyzed the success of the Canadian gambling industry.

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