Light & Wonder, a leading global gaming supplier, has announced its impressive financial results for the first quarter of 2024. With a remarkable 13% year-on-year revenue increase totaling US$756 million, this marks the 12th consecutive quarter of consolidated revenue growth for the company.
Gaming Segment Growth:
In Q1 2024, Light & Wonder experienced substantial growth across all aspects of its gaming segment. Gaming revenue surged by 14% to reach US$476 million, primarily fueled by a remarkable 30% increase in global gaming machine sales. This growth was complemented by enhancements in gaming operations and gaming systems, underscoring the company’s commitment to innovation and customer satisfaction.
SciPlay’s Success:
The social gaming arm of Light & Wonder, SciPlay, achieved record-breaking quarterly revenue of US$206 million, reflecting an 11% increase from the previous year. This exceptional performance underscores the popularity and engagement of SciPlay’s offerings among users. Additionally, iGaming revenue soared by 14% to another quarterly revenue record of US$74 million, driven by sustained momentum in both domestic and international markets.
Financial Highlights:
Net income attributable to Light & Wonder witnessed an extraordinary growth of 273%, reaching US$82 million in Q1 2024. Moreover, Adjusted EBITDA climbed by 13% to US$281 million, highlighting the company’s operational efficiency and financial strength amidst a competitive landscape.
Insights from Light & Wonder’s Leadership:
Matt Wilson, President and CEO of Light & Wonder, expressed his satisfaction with the company’s performance in Q1 2024. He attributed the continued momentum to the compelling global product offerings and strategic initiatives undertaken by the company. Wilson emphasized the significance of differentiated product roadmaps and targeted commercial strategies in capitalizing on growth opportunities across diverse markets.
Future Outlook and Growth Strategy:
Looking ahead, Light & Wonder remains optimistic about its growth prospects, anticipating further enhancement through key hardware and content launches in both traditional and digital markets throughout the year. The company is committed to delivering sustainable growth driven by its robust product portfolio and talented workforce.
Light & Wonder’s Q1 2024 report showcases sustained growth across its gaming segments, reaffirming its position as a global leader in the industry. With record-breaking revenues, enhanced profitability, and a strategic roadmap for the future, the company is poised for continued success in the dynamic gaming landscape.