By Kim Khan
Investing.com – Scientific Games (NASDAQ:SGMS) was hit hard Wednesday after its quarterly numbers came in well short of expectations.
Shares plunged 20% in midday trading.
The maker of casino and lottery games and tech, as well as digital games, blindsided investors when it reported weak fourth-quarter results after the bell Tuesday.
Scientific Games reported a loss of 46 cents per share on revenue of $863 million, down 2.6% from the year-ago period.
On average, analysts were predicting a profit of 21 cents per share and revenue of $891.6 million.
Gaming revenue was hit following lower unit sales and fewer system launches in Canada, Briefing.com reported.
“I'm confident we have the right team in place to reach our goal to be the market leader across land-based gaming, lottery, sports and digital gaming driven by leading content and the platforms that enable play anywhere and anytime,” CEO and President Barry Cottle said in a press release. “Our recent contract and deal wins across our businesses, and the globe, highlight that we are on the right path."
Shares of the company had been about flat before today’s dive.