Supplier News
Light & Wonder delivers 12th consecutive quarter of year-on-year growth
By Phil - 9 May 2024
Light & Wonder has started 2024 on a strong note, delivering a 12th consecutive quarter of year-over-year consolidated revenue growth and generating strong cash flow for the first quarter ended March 31, 2024, while continuing to execute on its ‘robust content roadmap and cross-platform strategy.’
Consolidated revenue grew 13 per cent, driven by continued double-digit revenue growth across all of its businesses, resulting in robust earnings growth as it continued to progress towards its long-term financial targets:
Gaming revenue increased to $476m, up 14 per cent compared to the prior year period, primarily driven by global Gaming machine sales growth, which increased 30 per cent, coupled with growth across Gaming operations and Gaming systems.
SciPlay revenue grew to a quarterly revenue record of $206m, an 11 per cent increase from the prior year period, driven by the core social casino business, which continues to outpace the market and gain share on strong payer metrics.
iGaming revenue increased 14 per cent to a quarterly revenue record of $74m, primarily reflecting continued momentum in the US and international markets.
Matt Wilson, President and Chief Executive Officer of Light & Wonder, said: “Our strong momentum continued into 2024 across the business with our compelling global product offerings driving Game Sales growth in North American adjacent markets and in International markets led by Australia and Asia. SciPlay and iGaming both reached record revenue levels yet again with consistent double-digit year-over-year growth. The performance in the quarter validates our execution plan and we expect growth to be further enhanced by key hardware and content launches in both our land-based and digital markets throughout the year. Our differentiated product roadmap and targeted commercial strategy enable us to capitalize on growth opportunities beyond our solidified core businesses. We will continue to execute on our initiatives to deliver sustainable growth underpinned by our robust product portfolio and world-class talent.”
Oliver Chow, Chief Financial Officer of Light & Wonder, added: “We remain on a healthy growth trajectory with six consecutive quarters of double-digit revenue growth across Gaming, SciPlay and iGaming, a testament to the power of our R&D engine, as we continue to deploy engaging content enjoyed by players across all of our platforms. Our financial performance highlights the strength of our team across all of our segments. We will continue to reinvest back into the business to further scale revenue and profitability. Given our strong growth and the highly cash generative nature of our business, we plan to further enhance value through our share repurchase program, while maintaining the rigor of our strategic capital allocation plan.”
