NEW YORK (TheStreet) -- Shares of Scientific Games (SGMS) - Get Report are down by 18.41% to $9.44 in mid-morning trading on Tuesday, after the technology-based products and services provider reported a wider than expected loss for the 2015 third quarter.
The company released its latest financial results after the market close on Monday afternoon.
Scientific Games posted a net loss of $1.67 per share, compared to the loss of $1.09 per share analysts surveyed by Thomson Reuters had forecast.
Revenue for the most recent quarter was $671.6 million versus the $703.23 million analysts were expecting.
Despite reporting a loss the company feels it has laid strong ground work for future success.
"We have clearly established a solid foundation built on the most extensive portfolio of leading brands and products - including a diverse revenue base that is more than 60% recurring in nature - targeted at generating consistent long-term profitable growth," company CEO Gavin Isaacs said in a statement.
Separately, TheStreet Ratings team rates SCIENTIFIC GAMES CORP as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
We rate SCIENTIFIC GAMES CORP (SGMS) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: SGMS
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