US based gaming giant International Game Technology has released their first quarter 2015 financial results, noting a 17% decline in total revenues.
Key financial indicators for the first quarter of 2015 were:
A total revenue decrease of 17 percent to $451 million when compared to the same period in 2014
Net income decreased 56 percent to $35 million when compared to the same period in 2014
The extra week contributed revenues of $22 million along with $2 million in operating income when compared to the same period in 2014
An increase of 23 percent in social gaming revenues to $79 million and an increase of 11 percent in average DAU to 1.9 million when compared to the same period in 2014
Adjusted earnings per share decreased 24 percent to $0.19 when compared to the same period in 2014
GAAP earnings per share decreased 55 percent to $0.14 when compared to the same period in 2014
The drop in revenue was due to a lack of sales. On the bright side of things, IGT Interactive posted revenue growth of 23% to $91.5 million. Social gaming revenues were also up 23%, and now make up 39% of all of IGT's revenues.
Commenting on the results IGT CEO Patti Hart said, "Our continued focus on profitability has resulted in strong gross margins this quarter, including improvements in gaming operations gross margins. While market challenges remain in the land-based casino business, our DoubleDown social casino generated a double-digit increase in both revenue and average daily active users in the quarter."