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Angry Birds maker happy as stay-at-home gaming boosts profit

Angry Birds maker happy as stay-at-home gaming boosts profit

Angry Birds game characters are seen at the Rovio headquarters in Espoo, Finland March 13, 2019. Picture taken March 13, 2019. REUTERS/Anne Kauranen/Files

HELSINKI: Rovio Entertainment, maker of the 10-year-old Angry Birds mobile game series, on Friday (Aug 14) reported a 160 per cent 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 €13.8 million (US$22.4 million) from €5.3 million while revenue fell 3.6 per cent to €69.2 million 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.

Source: Reuters