Light & Wonder posts US$120M net income in Q2

• The company reported second-quarter financial results featuring US$120 million in net income, up 26% year-over-year.
• Following the announcement, the Light & Wonder share price was down at $113.50.
• The company stated that its strategy focuses on scaling recurring revenue and reducing its net debt leverage ratio.

Light & Wonder (ASX:LNW) reported second-quarter net income of US$120 million, marking a 26% increase compared to the same period last year.

The financial results followed a prior period where the company focused on expanding its recurring revenue streams across gaming and digital segments.

The company stated that consolidated revenue grew 2% year-over-year to US$828 million. Net income also came to US$120 million.

During the quarter, the business returned US$134 million of capital to shareholders through the repurchase of approximately 1.6 million CHESS depositary interests.

The company stated that momentum is expected to build into the second half of the year as it pursues operational efficiency.

Following the announcement, the Light & Wonder share price was down at $113.50.

The company operates diversified business segments across gaming operations, charitable gaming, and digital iGaming markets.