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(RTTNews) - Light & Wonder, Inc. (LNW), a games company, reported lower first-quarter earnings despite revenue growth, mainly due to higher operating expenses and interest costs.
Net income before income taxes decreased to $62 million from $105 million previously.
Operating income fell to $130 million from $170 million in the prior-year quarter, reflecting increased selling, general and administrative expenses, restructuring costs, and higher depreciation and amortization charges.
Net income declined to $52 million, or $0.66 per share, from $82 million, or $0.94 per share, a year earlier.
Revenue increased 2% to $790 million from $774 million, driven by higher services revenue, which rose to $595 million from $527 million. Product revenue, however, declined to $195 million from $247 million.
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