By Christiana Sciaudone
Investing.com -- International Game Technology (NYSE:IGT) rose 7% after pummeling analyst expectations.
Earnings per share of 26 cents beat the expected loss of 24 cents on sales of $982 million, higher than the estimated $801 million, according to data tracked by Investing.com.
The online and offline lottery and gaming company reported a 41% increase in digital and betting revenue after launching full-service U.S. sports betting trading team. IGT also recently established new partnerships with Boyd Gaming (NYSE:BYD) and the National Basketball Association.
Overall revenue was driven by the strongest lottery same-store sales growth in seven quarters, and the company saw a sharp improvement from the second quarter across all revenue segments.
“The resilience of our portfolio, particularly in lottery, and benefits from our swift cost reduction initiatives are on full display in our third quarter results," said Chief Executive Officer Marco Sala.
“We are on track to achieve our 2020 temporary cost-reduction targets and have identified a number of initiatives that will enable us to deliver over $200 million of structural savings over the next two years," Chief Financial Officer Max Chiara said. "Our profitability should support our continued focus on reducing debt."