Friday 24 November 2017

Angry Birds maker Rovio posts 2015 operating loss

The
The "Angry Birds" balloon makes its way down 6th Avenue during the 89th Macy's Thanksgiving Day Parade in the Manhattan borough of New York, November 26, 2015. REUTERS/Carlo Allegri

Rovio Entertainment Ltd, the maker of hit mobile phone game Angry Birds, on Wednesday said it fell to loss last year due to restructuring and investments in the upcoming 3D Hollywood movie.

Rovio's earnings have dropped for three consecutive years as licensing has fallen and the company has failed to create new hit games. Last year it cut a third of its workforce.

Rovio said its 2015 adjusted operating loss was 13 million euros ($14.75 million), compared to a profit of 10 million in 2014 and a profit of 77 million in 2012.

Sales fell to 142 million euros last year from 158 million. Rovio said revenue from games was up slightly at around 114 million.

Rovio is hoping that the Angry Birds movie, due out next month, will help it win new licensing deals and boost sales.

"This year's first quarter is already profitable and the outlook for the rest of the year is positive," CEO Kati Levoranta said in a statement.

Reuters

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