Light & Wonder has released its financial results for the first quarter of 2023

Popular gaming brand Light & Wonder has reported positive operational results for the first quarter of this year. Gaming revenue rose by 18% year-on-year, reaching $419 million (32.3 billion rubles). This growth was largely driven by a remarkable 53% increase in sales of gaming machines.
Light & Wonder's subsidiary, SciPlay, which develops social casino games, achieved record revenue of $186 million (14.34 billion rubles) in the first quarter, marking an 18% increase compared to the previous year. The quarter also set a record for L&W's iGaming operations, with revenue hitting $65 million (over 5 billion rubles), a 10% year-on-year increase, primarily due to ongoing growth in the U.S. market.
Net profit stood at $27 million (2.08 billion rubles), a significant turnaround from a net loss of $67 million (5.166 billion rubles) the previous year. The company attributed this improvement to reduced interest expenses and increased revenues, including operational income.
Matt Wilson, President and CEO of Light & Wonder, stated, "We are confidently entering 2023, demonstrating all key metrics and once again achieving double-digit revenue growth across all three divisions. Our strategy and disciplined investments are yielding higher returns as we continue to develop and execute a robust product roadmap, building on the strong momentum we observed in 2022. This quarter, our teams achieved several notable wins and key launches. We have a comprehensive suite of games that supports our progress toward long-term goals. With leading experts, technologies, and products, we continue to strengthen our position as a global leader in cross-platform gaming."
Connie James, CFO of Light & Wonder, added, "We continue to capitalize on the strong growth opportunities we see in our markets and enhance margins across the business as we remain focused on operational excellence. This quarter showcases Light & Wonder's favorable financial profile, with strong revenue growth translating into net profit and, importantly, robust cash conversion. This enables us to invest in sustainable growth for the future. We remain committed to generating significant cash flow while maintaining a balanced and opportunistic approach to capital management and a healthy balance sheet to enhance shareholder value."
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