IGT sees strong revenue growth in Q1
IGT published the reports of their financial performance of Q1 and though lately they saw a drop in profit.
The combined profit amounted to 1.1 billion dollars which is 4% more that it was reported and 7% more from last year’s 1 billion dollars. The worldwide gaming income grew by 42% amounting to 325 million dollars, as a result of high sales. Digital and betting income was up by 24%, 47 million dollars. Operating revenue of 252 million dollars was down by 3%, in comparison to last year’s 260 million dollars.
Adjusted Earnings before Interest, Taxes, Depreciation, and Amortization was 433 million dollars. Net income was 117 million dollars as a result of the shortage of foreign exchange gains.
The worldwide lottery income was 680 million dollars, less than 2021’s 749 million dollars.
“This first quarter shows good progress in our growth. The advantages that we get from constant discipline in the field of cost and cash flow management are evidence.”
commented chief financial officer M. Chiara.
“The results of Q1 affected our portfolio and the powerful margin profit shows the recovery from the coronavirus. Our initiatives to simplify the corporate structure have resulted in high liquidity as we keep on investing in product development and return capital to shareholders.”
added Chief executive officer, V. Sandusky
The income of the 2nd quarter is assumed to be from 1 to 1.1 billion dollars.