Light & Wonder has announced its financial results for the second quarter of 2024, marking its 13th consecutive quarter of year-over-year revenue growth. The company’s consolidated revenue reached $818 million, reflecting a robust 12% increase compared to the previous year. This continued growth underscores Light & Wonder’s solid performance across its various business segments.
Gaming Revenue
Light & Wonder’s Gaming division reported revenues of $539 million for Q2 2024, a notable 14% increase from the same period last year. This segment’s growth was driven by a significant 32% rise in gaming machine sales. The impressive performance in the Gaming sector highlights the company’s strong foothold in the gaming market and its effective strategies in expanding its product offerings.
SciPlay Revenue
The company’s SciPlay segment saw its revenue grow to $205 million, representing an 8% increase from the prior-year period. This growth was largely attributed to the expansion of its social casino business, which continues to attract a broad user base and drive revenue.
iGaming RevenueThe iGaming sector generated $74 million in revenue for Q2 2024, up 6% compared to the previous year. This moderate growth reflects the ongoing development and adoption of online gaming solutions, which are becoming increasingly popular among users.
Executive Commentary
Matt Wilson, President and CEO of Light & Wonder, commented on the results, stating, “Light & Wonder continues to capitalize on opportunities underpinned by our scale and diversified product offerings, as demonstrated through the growth momentum across the business. We saw strong progress in the Gaming business, with the expansion of units in the North American installed base reaching an inflection point. Our global presence enables further product refinement and market penetration with our suite of games and casino solutions.”
Wilson emphasized the company’s strategic advantages and the benefits of its extensive global reach, which contribute to its ongoing success and ability to adapt to market demands.
Oliver Chow, Chief Financial Officer of Light & Wonder, added, “Our 13th consecutive quarter of consolidated revenue growth once again reflects the strength of our combined business and solid financial profile. We continue to see improved earnings quality with consistent growth and healthy margins, all while investing back into the business to scale for the future. The new $1.0 billion share repurchase program is a testament to the value we see in the business and confidence in our ability to execute to plan over the long term. We believe we will continue to create significant value for our shareholders through enhanced cash flow generation initiatives while delivering on our financial targets.”
Chow highlighted the company’s robust financial health and commitment to future growth, supported by a substantial share repurchase program. This move underscores the company’s confidence in its long-term strategy and its dedication to maximizing shareholder value.
Light & Wonder’s Q2 2024 financial results demonstrate a strong and sustained growth trajectory across its various business segments. With significant increases in gaming machine sales and steady revenue growth in its SciPlay and iGaming divisions, the company is well-positioned to continue its success in the coming quarters. The executive team’s strategic focus on leveraging their global presence and investing in future growth initiatives further reinforces their commitment to maintaining a strong financial performance and delivering value to shareholders.