Angry Birds maker Rovio doubles first-quarter profit
A Rovio sign and a figure of an Angry Birds character are seen in front of Rovio's headquarters in Espoo, Finland, Mar 2, 2018. (Photo: Reuters/Jussi Rosendahl)
HELSINKI: 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.The company, which listed its shares last September, on Thursday (May 17) reported adjusted operating profit in the quarter increased to €10 million (US$12 million) from about €5 million a year ago. Sales fell by 1 per cent on declining revenue from its 2016 Hollywood movie.
Rovio reiterated its full-year outlook, which in February wiped 50 per cent 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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