Rovio posts loss as it pins hopes on Angry Birds movie - Mobile World Live

Rovio posts loss as it pins hopes on Angry Birds movie

07 APR 2016

Finnish mobile games maker Rovio Entertainment reported a 2015 loss, describing it as a “challenging year”.

Revenue for 2015 was €142 million, a decrease of 10 per cent from last year, while adjusted operating loss was €13 million, compared with a profit of €10 million in 2014.

The company said the loss was due to “heavy investment in our future success”, including the Angry Birds movie, in which it reportedly invested $100 million.

However, it said “we have managed to improve our efficiency and turn around the company”, as it claimed its games business grew​ for the sixth consecutive​ year, accounting for 80 per cent of total revenue.

“This year’s first quarter is already profitable and the outlook for the rest of the year is positive,​” said Kati Levoranta, CEO.

“2016 is a transformative year for Rovio highlighted by the release of our major global feature film The Angry Birds Movie this May. Expectations for the film are very strong,” she added.

In October, Rovio announced 213 job cuts, saying it wants to “restructure and concentrate its activities around three primary business areas: games, media and consumer products”.

Two months later, Pekka Rantala stepped down as CEO as the company aimed to create a “leaner, more agile organisation” and get back to its “entrepreneurial roots”.

Its chairman, Kaj Hed, said at the time the company was looking into the possibility of a merger or acquisition.

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Saleha Riaz

Saleha joined Mobile World Live in October 2014 as a reporter and works across all e-newsletters - creating content, writing blogs and reports as well as conducting feature interviews...More

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