International Game Technology
was up 11% for the week after the slot machine maker posted second-quarter net income growth of 38%, ahead of analyst estimates. The company earned $73.9 million, or 81 cents a share, up from $53.6 million, or 70 cents a share, a year ago. Analysts had been looking for 79 cents a share. Revenue was also up for the quarter, rising to $530.4 million from $312.7 million last year. Investors bid up the stock despite the fact that one of IGT's most profitable business segment, revenue sharing machines, showed no signs of growth during the quarter. These machines have traditionally been IGT's most lucrative because the company shares in the gambling profits instead of selling the machines, and it's for that reason that casinos such as
have cut back on their use. IGT said it still expects to increase its fleet of revenue sharing machines by 2,500 this year alone.