Angry Birds maker Rovio doubles first-quarter profit

17 May, 2018

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HELSINKI (Reuters) – Rovio Entertainment, the maker of the “Angry Birds” mobile game series and movie, doubled operating profit in the first quarter as growth in its top games offset negative effects from currency exchange rates.

FILE PHOTO: Rovio sign and a figure of an Angry Birds character are seen in front of Rovio’s headquarters in Espoo, Finland March 2, 2018. REUTERS/Jussi Rosendahl

The company, which listed its shares last September, on Thursday reported adjusted operating profit in the quarter increased to 10 million euros ($12 million) from about 5 million euros a year ago. Sales fell by 1 percent on declining revenue from its 2016 Hollywood movie.

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 David Goodman

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