IGT's stock tumbled $2.07 - more than 12% - to $14.99 a share in trading Thursday after the company's adjusted earnings of 24 cents a share came in below expectations of 33 cents.
More than 6.4 million shares of the company changed hands Thursday, up from the stock's average daily volume of 2.8 million.
The company reported a loss in the quarter of $102 million after turning a profit of $79 million a year ago.
Revenue also decreased by 6%, falling to $1.27 billion from $1.36 billion the same time last year, but was in line with Wall Street estimates. IGT executives cited poor performance in its international segment for the decrease.
The company, which produces and operates gaming and lottery machines in more than 100 countries, had a 27% decrease in its revenue generated from its gaming services in its international markets and a 20% decrease in its North American market.
Company executives did provide guidance for its adjusted EBITDA to be in the range of $1.7 billion to $1.76 billion as IGT heads into the 2019 fiscal year.
"Our 2018 results are in line with the improved outlook we provided in October. The year was characterized by strong global Lottery performance, resilience in Italy, and progress in North America Gaming," IGT CEO Marco Sala said. "We've established solid foundations to build on - securing large, long-term Lottery contracts in key markets and executing a full refresh of our gaming machine cabinet and content portfolio. These efforts will translate into improved free cash flow beginning in 2019."
Shares of the company have nosedived more than 45% over the past year.