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Posted on May 18, 2018 by staff

Makers of ‘Angry Birds’ regain ground in stock market

Makers of ‘Angry Birds’ regain ground in stock market

The company expects a sequel to its 'Angry Birds' movie to increase profits in 2019.
The company expects a sequel to its ‘Angry Birds’ movie to increase profits in 2019.

The makers of the ‘Angry Birds’ game and movie franchise have unexpected quarterly profits for the first quarter of 2018.                

Rovio, the Finnish company behind the franchise, recently found themselves up against tough competition, increased user-acquisition costs, and a reliance on its Angry Birds franchise, which began as a mobile game in 2009.

The company closed its studio in London despite CEO Kati Levoranta hailing 2017 as the “best year” in the company’s history.

“Our top game Angry Birds 2 achieved record revenues and Angry Birds Friends continued its steady performance,” Levoranta said in a statement.

It also announced the departure of head of games Wilhelm Taht, and its investor relations chief while cutting the pay of its chairman and vice chairman.

However, adjusted operating profit in the first quarter of 2018 roughly doubled year on year to £8.8 m, which the company said was a result of its top games and lower marketing costs.

It has also increased its focus on a spin-off company called Hatch which will offer a streaming service for mobile games.

Shares in Rovio rose on the news but the company has the full-year outlook that had disappointed investors in February, when it said that sales could fall this year after jumping 55 percent in 2017.