Angry Birds maker happy as stay-at-home gaming boosts profit

Angry Birds Rovio

Rovio Entertainment, the Finnish maker of the 10-year-old “Angry Birds” smartphone app, has reported a 160% leap in second-quarter adjusted operating profit, helped by increased player engagement amid global coronavirus lockdowns.

“We reached record high games revenue driven by the strong performance of our key games,” Chief Executive Officer Kati Levoranta has said in a statement.

Adjusted operating profit rose to 13.8 million euros from 5.3 million while revenue fell 3.6% to 69.2 million euros due to lower movie earnings, said the Finnish company, which listed its shares in 2017.

The Finland-based company attributed the improved performance to “increased player engagement due to COVID-19” as well as lower advertising expenses.

“The overall impact of COVID-19, which was visible in a higher level of downloads, daily active users and player engagement, peaked in late April,” Levoranta said.

In August 2019, Rovio released a sequel to its powerful Angry Birds movie but its picture revenue declined in the second quarter of 2020.

However, Rovio stated “Angry Birds Movie 2” was among the most watched movies on Netflix during the entire spring.

The team at Platform Executive hope you have enjoyed the ‘Angry Birds maker happy as stay-at-home gaming boosts profit‘ article. Initial reporting via our content partners at Thomson Reuters. Reporting by Anne Kauranen. Editing by Jason Neely.

Related article:
Tech titans dominate US stock market after surge

To stay on top of the latest developments across the platform economy and gain access to our problem-solving tools and content sets, you can become a member for just $7 per month.

Share this Article