By midafternoon, shares had tumbled -10% to $12.65.
Over the three months to March, the company recorded net income of 20 cents a share, beating analysts' estimates by a penny a share according to Thomson Reuters.
Revenue fell 14.5% year over year to $512.8 million. The company said gaming product revenue, which accounts for 40% of revenue, fell 27% year over year to $202.6 million.
IGT reaffirmed full-year earnings guidance of between $1 and $1.10 a share. This was downwardly-revised in March from $1.28 to $1.38 a share.
TheStreet Ratings team rates INTL GAME TECHNOLOGY as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate INTL GAME TECHNOLOGY (IGT) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk, weak operating cash flow and a generally disappointing performance in the stock itself."