Summary by Moomoo AI
PlayAGS, a leading designer and supplier of electronic gaming machines (EGMs) and other products for the gaming industry, reported a 7.7% increase in total revenues for the quarter ended June 30, 2024, reaching $96.7 million compared to $89.8 million in the same period last year. The growth was driven by a 4.0% rise in gaming operations revenue and a significant 15.4% jump in equipment sales. Despite the revenue growth, net income for the quarter decreased by 48.3% to $440 thousand, down from $851 thousand in the previous year. The company's effective income tax rate for the quarter was 19.6%, a decrease from 36.3% in the prior year. Operating expenses saw an 11.0% increase, primarily due to higher costs of equipment sales and selling, general and administrative expenses, which included a notable increase...Show More