By Kim Khan
Investing.com – Scientific games (NASDAQ 🙂 was hit hard on Wednesday after the quarterly results fell far short of expectations.
The shares fell by 20% in midday trading.
The casino, lottery, technology and digital game maker was a blind investor when it reported weak fourth-quarter results after the bell on Tuesday.
Scientific Games had revenues of $ 863 million from 46 cents a share, a 2.6% decrease over the same period last year.
On average, analysts forecast earnings of 21 cents per share and sales of $ 891.6 million.
According to Briefing.com, game sales have been impacted by lower sales and fewer system launches in Canada.
"I am confident that we have the right team to achieve our goal of being the market leader in land-based games, lotteries, sports and digital games, powered by leading content and platforms that enable gaming anywhere, anytime," said CEO and President Barry Cottle said in a press release. "Our recent contract and contract wins in our companies and around the world show that we are on the right track."
The company's stock had been roughly flat before today's dive.
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