Angry Birds maker Rovio posts sharply lower quarterly profit

Angry Birds maker Rovio posts sharply lower quarterly profit

HELSINKI (Rahnuma) Rovio Entertainment, 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.

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

Total sales fell 17 percent to €72 million while the games unit grew 6 percent to €65 million.
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 and €300 million this year, against €297 million in 2017.

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