LAS VEGAS (AP) — Gambling equipment maker International Game Technology says its second-quarter net income fell 67 percent as sales of slot machines declined and the company faced competition from smaller vendors.
The Las Vegas-based maker of slot machines and online gaming systems on Tuesday reported net income of $25.7 million, or 10 cents per share, for the quarter that ended on March 31. That's compared with $78.2 million, or 29 cents per share, in the same quarter last year.
IGT earned 20 cents per share when excluding special items such as acquisition costs. That beat analysts' projection by a penny, according to FactSet.
Revenue dropped 15 percent to $512.8 million. Wall Street anticipated $498.8 million.
IGT says its U.S. gambling revenue has declined more than expected.
Shares fell 10 percent in Wednesday trading.
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