Rovio Entertainment, the creator of the 10-year-old Angry Birds mobile game series, reported first-quarter profit growth of nearly 75 percent on Tuesday, helped by lower costs. The Finnish company, which listed its shares in 2018, said its adjusted operating profit rose from EUR 7.5 million (about Rs 61.9 crore) to EUR 13 million (about Rs 107 crore) while revenue fell 6 percent to EUR 66.6 million (approx. almost done. 549 crores).
“The quarter’s high operating profit was driven by the acquisition of the user and the stability of our flagship games, particularly Angry Birds 2,” Chief Executive Kati Levoranta said in a statement.
Levoranta said it was too early to determine the impact of the coronavirus epidemic on his business.
“In our games, we’ve seen an increase in the number of downloads as well as user engagement and some increase in revenue in March and April, Rovio said in the context of the epidemic.
Rovio stuck to its 2020 target for better operating profit from the previous year, although it avoided providing a full-year revenue forecast.
“Due to lower user acquisition investment and planned cost savings at Hatch Entertainment, our adjusted operating profit improves,” the company said.
In February, Rovio said that Hatch, its 80 percent-owned subsidiary that is developing a cloud-based game streaming service, reverted to an annual cost savings of 6 million euros and a subscription and streaming service for children and families. Wants to work
During 2020, Rovio aims to launch one to three new games, the company said.