IGT Reports Second Quarter Loss, Forms China Lottery Venture

IGT Reports Second Quarter Loss, Forms China Lottery Venture

International Gaming Technology (IGT) posted a second quarter loss on Tuesday, but confirmed it will join forces with a subsidiary of Telling Telecommunications Holding Company to launch a new lottery venture in China.

The company reported a second-quarter loss of $290m, which includes $220m of net foreign exchange loss, on revenue of $1.22bn. IGT reported earnings of $82.9m on revenue of $1.29bn in the second quarter of 2016.

A survey of five analysts expected revenue of $1.2bn.

On an adjusted basis, IGT would have posted second-quarter earnings of $31m or 15 cents per share.

The company also reported adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $424m, down 4 percent from last year.

Source :- IGT Reports Second Quarter Loss, Forms China Lottery Venture