Light & Wonder Achieves Increased Q1 Revenue Through Segment Expansion

Light & Wonder's first-quarter revenue has grown due to the expansion of its business areas.

Light & Wonder's first-quarter earnings have increased thanks to its Gaming, SciPlay, and iGaming divisions. The gaming division's revenue went up by 13.6% to $476 million, SciPlay's income rose by 10.8% to $206 million, and iGaming had the highest percentage increase of 13.9%, making $74 million.

Key Revenue Drivers

• Gaming Segment: Led with $476 million in revenue, a 13.6% increase.
• SciPlay: Reached $206 million, marking a 10.8% increase.
• iGaming: Highest growth at 13.9%, totaling $74 million.

Matt Wilson, the head of Light & Wonder, highlighted the company's strong place in the market and its focus on providing games that people want to play on different devices. He also talked about new products they plan to launch to keep growing the business this year.

Planning for Long-Term Expansion and Smart Spending

Light & Wonder made a good move in the first quarter by investing in a simple-to-use automation platform called Flows. This should help the company put out new products in different places faster. Wilson mentioned that they are open to joining up with other companies if it fits their goals, but they don't want to make their business too complicated.

Breaking Down Q1 Financials

Services activity brought in $517 million, a growth of 8.4%, and product sales jumped by 23.8%. The Gaming division sold 30% more machines and had a 9% increase in system sales. SciPlay saw a high level of player activity but spent more on marketing. The iGaming division had its highest-ever quarterly revenue, thanks to new games and more bets being placed.

Profit and Operating Expenses

Light & Wonder's net profit rose to $82 million, a large increase of 272.7%, even though their operating costs went up by 4.1%. This higher profit was helped by their adjusted EBITDA, which is a measure of earnings, going up by 12.9% to $281 million. The growth came from strong sales and profits in all areas of the company.

Wilson stressed that the company will focus on improving its operations and increasing its market presence as main goals for the future. He believes that by putting money into talented individuals and planned projects, the company will continue to succeed in 2024 and the years that follow.