US gaming supplier International Game Technology (IGT) has lowered its earnings guidance for its current fiscal year as it embarks on a cost-cutting drive which will see the company reduce its global workforce by 7 per cent.

IGT said it was taking actions to re-align its cost structure for long-term earnings growth.

As part of the realignment, the company will redice its global workforce by 7 per cent in order to save $30m, and an estimated $50m on an annual run-rate basis.

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