Despite a nearly 40% plunge in third-quarter earnings, investors are still betting on International Game Technology ( IGT).

Shares of the slot machine-maker soared more than 14% to $19.98 in afternoon trading after the company beat analysts' forecast.

During the quarter, the company earned $66.3 million, or 22 cents a share, compared with $108.3 million, or 35 cents, in the year-ago period. Analysts expected a profit of 18 cents.

Revenue sank 23% to $522.1 million from $677.4 million, with the biggest decrease coming from North America, where revenue dropped 16% to $249.7.

International revenue, however, actually jumped to $38.2 million from $37.7 million.

In an effort to cut costs as casinos pare down on equipment purchases, IGT earlier this month laid off another 55 workers. That was on top of 200 cuts in January and 800 cuts last November.
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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