Angry Birds Maker Rovio Happy as Stay-at-Home Gaming Boosts Profit

Rovio attributed the improved performance to "increased player engagement due to COVID-19"

By Reuters | Updated: 14 August 2020 14:40 IST

Angry Birds Maker Rovio Happy as Stay-at-Home Gaming Boosts Profit

The company attributed the improved performance to "increased player engagement due to COVID-19"

Highlights

Adjusted operating profit rose to EUR 13.8 million from EUR 5.3 million
Revenue fell 3.6 percent to EUR 69.2 million
Rovio reported a 160% jump in second-quarter adjusted operating profit

Rovio Entertainment, maker of the 10-year-old Angry Birds mobile game series, on Friday reported a 160 percent jump in second-quarter adjusted operating profit, helped by increased player engagement amid COVID-19 lockdowns.

"We reached record high games revenue driven by the strong performance of our key games," CEO Kati Levoranta said in a statement.

Adjusted operating profit rose to EUR 13.8 million (roughly Rs. 121 crores) from EUR 5.3 million (roughly Rs. 46 crores) while revenue fell 3.6 percent to EUR 69.2 million (roughly Rs. 610 crores) due to lower movie revenue, said the Finnish company, which listed its shares in 2017.

The company attributed the improved performance to "increased player engagement due to COVID-19" as well as lower marketing costs.

"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 successful Angry Birds movie but its movie revenue declined in the second quarter of 2020.

However, Rovio said Angry Birds Movie 2 was among the most watched movies on Netflix during the spring.

© Thomson Reuters 2020

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