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.
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