Reno-based International Game Technology, the world's largest maker of gambling machines and casino management systems, reports net earnings for the first-quarter plunged 42 percent because of the sour economy and other factors.
IGT on Thursday reported net income for the quarter ended Dec. 31 totaled $65.7 million, or 22 cents per share, on revenue of $313.3 million, compared with income of $113.7 million, or 36 cents per share, last year.
Analysts surveyed by Thomson Reuters had projected earnings per share of 26 cents on revenue of $591 million.
The company earlier had warned earnings could fall short of its own guidance in the range of 30 cents to 35 cents per share.
In a written statement, IGT Chairman TJ Matthews said the results reflect the difficult, ongoing worldwide economic conditions.