U.K.-based International Game Technology PLC /zigman2/quotes/202670793/composite IGT -5.27% reported a first-quarter adjusted profit that beat expectations but revenue that fell below forecasts, and withdrew its full-year outlook as a result of uncertainties associated with the COVID-19 pandemic. The electronic gaming company swung to a net loss of $248.3 million, or $1.21 a share, from net income of $40.3 million, or 20 cents a share, in the year-ago period. Excluding non-recurring items, such a $296 million impairment charge, adjusted earnings per share fell to 8 cents from 12 cents but beat the FactSet consensus of 1 cent. Revenue fell 6% to $940.2 million, to miss the FactSet consensus of $957.9 million. The company said the lower revenue reflects the closing of casinos and gaming halls as a result of the pandemic, lower lottery service revenue on reduced traffic to points of sale and fewer unit shipments. The company withdrew its 2020 outlook, citing uncertainties associated with the impact of the COVID-19 pandemic. The company said it has identified $500 million in cost savings and reduced capital expenditures, through actions including salary reductions, furloughs and hiring freezes. The stock, which was still inactive in premarket trading, has tumbled 53.0% over the past three months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.89% has declined 15.0%.