Light & Wonder Q3 net income lifts 17% to US$133M
Key points
- Light & Wonder net income lifts 17% to US$133 million.
- The company share price moved following third-quarter financial results.
- Management noted that gaming unit rollouts and recurring revenue drove the period.
Light & Wonder (ASX:LNW) reported a net income increase of 17% to US$133 million for the third quarter.
The result compared against a net income of US$114 million recorded in the same period last year.
Total revenue for the quarter reached US$824 million, which was down from US$841 million a year earlier.
Consolidated adjusted EBITDA rose to US$383 million compared to US$375 million in the third quarter of the prior year.
The company stated that full-year consolidated adjusted EBITDA growth is expected to be towards the lower end of its previously announced range of mid-to-high single digits.
Management reported that this outlook reflects weakness in the social casino market and delayed timing of investments by the customer base.
Following the announcement, the Light & Wonder share price was unchanged at $125.
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