The company, which is one of the world’s tier-one gaming suppliers, has reported revenues that were 20% higher in Q2 2023. The revenues stood at $731 million, posting a significant gain on last year’s results.
Light & Wonder Reports Strength Across the Board in Q2 2023
This achievement marks the ninth consecutive quarter in which Light & Wonder has posted consolidated revenue growth, bringing the company to a $5 million profit from a $150 million loss during the same period last year.
This event was attributed to both the strong performance of SciPlay and iGaming as well as the sale of gaming machines in both North America and Australia, allowing the company to benefit from both of its main verticals. The news was naturally welcomed by Light & Wonder president and CEO Matt Wilson who was excited to see this opportunity shape up:
Our reported numbers continue to validate the investments that we’ve made in our business and demonstrate the significant progress we are making towards our long-term targets.
Light & Wonder president and CEO Matt Wilson
The Global Gaming segment saw a 21% increase in revenues and reached $471 million over the period. Gaming machine sales jumped by 41%, with the North American market driving demand and results. Light & Wonder has delivered a range of solutions for the retail sector, including player systems and table products. Light & Wonder has already been working to increase its presence in the iGaming sector via partnerships with Bang Bang Games, DreamSpin, and more.
Swinging from Loss to Profit in One Year
SciPlay performed remarkably well as well, with the division hitting $190 million, or a 19% gain year-over-year. The company’s iGaming revenue hit another $70 million, or 17% up. This was owing to the company’s performance in the online casino market in the United States, which has been expanding.
Similarly, Wilson spoke about the double-digit top and bottom-line growth that the company has driven across all of its three main pillars of business. Light & Wonder also generated strong cash flow and reduced leverage, Wilson noted, proud of the company’s results. Light & Wonder is also gearing up for an even busier quarter with more events coming where the company will be exhibiting its products in the hopes of driving even stronger business operations.
In the meantime, Light & Wonder has been building up its Environmental, Social, and Governance commitment, as outlined in a new report by the company.