Why International Game Technology Stock Jumped Higher Today
Shares of International Game Technology (NYSE: IGT) were up 16.7% as of 11:31 a.m. ET on Tuesday after the company reported better-than-expected earnings results for the third quarter.
The company announced accelerating growth on the top and bottom lines, which is great news for investors, who had seen the stock price slashed almost in half year to date on lower growth expectations.
IGT completed the acquisition of iSoftBet, a leading gaming content provider, which boosted the company's revenue growth in the quarter. Healthy profit margin in the lottery segment and a boost in gaming profitability contributed to adjusted earnings per share of $0.43, which came in above the consensus analyst estimate of $0.31.
Source Fool.com
