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Why Scientific Games Corp. Stock Soared on Monday

What happened

Shares of casino and lottery gaming company Scientific Games (NASDAQ: SGMS) jumped as much as 24.5% on Monday after it reported its second-quarter financial results. The stock was up 24.2% at the time of this writing.

So what

Scientific Games reported Q2 revenue of $766.3 million and a loss per share of $0.44. Both metrics were better than analysts were expecting. On average, analysts had forecast revenue of $733 million and a loss per share of $0.52. 

Scientific Games' TwinStar 3RM interactive gaming. Image source: Scientific Games.

Importantly, with its Q2 revenue increase of 5% year over year, Scientific Games has now posted seven quarters in a row of revenue growth. Last quarter, that was driven by gains in global gaming machine sales, gaming systems, table products, and interactive gaming, management said.

Now what

Going forward, Scientific Games CEO Kevin Sheehan said the company has "many opportunities" it intends to capitalize on. And CFO Michael Quartieri said it will continue to improve its capital structure and lower its cost of capital.

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Daniel Sparks has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.