By Denny Jacob
International Game Technology shares fell 8.8% after first-quarter results declined from a year earlier and executives warned it may not meet previously issued guidance.
Shares were trading around $16.32. The stock is currently down 6.3% on the year.
"Given lower U.S. multi-state jackpot activity and the current worsening macroeconomic environment," said Chief Financial Officer Max Chiara, "we believe it is likely we will be at the low end of the full-year revenue and adjusted EBITDA guidance provided in February."
The gaming company in February forecast revenue between $2.55 billion and $2.65 billion, as well as adjusted Ebitda in the range between $1.10 billion and $1.15 billion.
International Game recorded $138 million in operating income and $583 million in revenue for the three months ended March 31, down from $219 million in operating income and $661 million in revenue in the year-ago period. Analysts polled by FactSet had expected $155.2 million and $627.8 million for the respective metrics.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
May 13, 2025 10:37 ET (14:37 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.