Light & Wonder Q2 results: Revenue up, with huge improvement in net income
L&W saw a 21% increase in revenue for global gaming.
Light & Wonder (L&W) has published its Q2 2023 report, revealing a 20% consolidated revenue growth year-on-year, rising to $731m. Consolidated AEBITDA also rose 33% to $281m in Q2 2023.
The company’s global game sales are up 41%, systems are up 20%, and table products have also risen 34%, all on a YoY basis.
Due to these increases, L&W saw a 21% growth in revenues for the global gaming segment to $471m.
When compared to rival IGT’s revenue, L&W has seen a 9% rise, jumping from $670m in the last quarter to $731m in this quarter; meanwhile IGT has seen a 0% increase in revenue from Q1 2023 to Q2 2023. So, while IGT’s revenues are consistently higher, Light & Wonder is making up the ground quarter by quarter.
A comparison graph between Light & Wonder Vs IGT’s revenue from Q2 2022- Q2 2023.
L&W’s iGaming revenue achieved another quarterly revenue record of $70m, up 17%, primarily driven by continued growth in the US-regulated market.
Its acquisition of SciPlay paid off, as SciPlay achieved record revenue of $190m, a 19% increase year-on-year. It has since acquired 100% of the shares in the company.
Net income from continuing operations stands at $5m for Q2 2023, which is up from minus $150m year-on-year. After seeing a large loss last year, the company has now made a slight profit.
However, net income attributable to L&W was $3.2bn in Q2 2022, but now stands at minus $1m. This was due to a minus $3.4bn net loss from discontinued operations (net of tax).
Light & Wonder’s President and CEO, Matt Wilson, commented: “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.”
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