Angry Birds maker Rovio posts sharply lower quarterly profit

Technology


HELSINKI (Reuters) – Rovio Entertainment (ROVIO.HE), the maker of the “Angry Birds” mobile game series, reported a sharply lower quarterly profit on Friday due to declining revenue from its 2016 Hollywood movie, but said sales at its games business were growing.

FILE PHOTO: Angry Birds characters Bomb, Chuck and Red are pictured during the premiere in Helsinki, Finland, May 11, 2016. REUTERS/Tuomas Forsell/File Photo

The Finnish company, which listed its shares last September, reported second-quarter adjusted operating profit of 6 million euros ($7 million), down from 16 million euros a year earlier and roughly in line with market forecasts according to Thomson Reuters data.

Total sales fell 17 percent to 72 million euros while the games unit grew 6 percent to 65 million euros.

Rovio reiterated its full-year outlook, which in February wiped 50 percent off its share price. The company expects total sales of between 260 million euros and 300 million euros this year, against 297 million in 2017.

Reporting by Jussi Rosendahl; Editing by Kim Coghill



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