IGT Cut Losses in Order to Increase Revenue
International Game Technology
International Game Technology (IGT), the world’s biggest slots machine manufacturer has reported a small increase in profit, amidst overall revenue losses. IGT, which began cutting its losses and downsizing in an effort to decrease revenue losses, has reported a total profit increase of $12.1 million in the last quarter, bringing total profits to $73.3 million.
However, while the slots manufacturer has reported a $12.1 million profit increase, in the first quarter total revenue was down by 14%, when compared with last year’s performance of $601.6 million. Speaking about the past and planned cost reductions, IGT’s Chief Financial Officer Pat Cavanaugh has suggested that the company is doing all it can to return to overall profit, suggesting that the “revenue number is not something” they are “overly proud of”.
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