Shares in maker of Angry Birds game fall nearly one-third on Thursday
Helsinki — Rovio Entertainment, the Finnish maker of the mobile game Angry Birds, slumped more than 30% in Helsinki trading after disappointing analysts with its 2018 guidance. Rovio shares fell the most since its September initial public offering after the company forecast its sales would decline in 2018 and adjusted profit would be about 9% to 11% of sales. Asset management company FIM said that guidance was "hugely disappointing". Rovio competes in a tough market where companies are having to spend more and more money to encourage users to actively play their games and buy in-game merchandise and benefits. Rovio’s user acquisition costs more than doubled in the fourth quarter, and were equal to 24% of its games unit revenue. Volume on the stock was more than 100% of its three-month daily average after less than 10 minutes of trading. Bloomberg
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