Angry Birds creator Rovio's sales rise, but it swings into loss
Helsinki — On Thursday, Finland’s Rovio Entertainment, creator of the popular smartphone game Angry Birds, posted a loss for the third quarter, despite rising sales, as it increases its investments with a view to boost its winnings in future. Sales reached €70.7m in the third quarter compared with €50m the previous year but, year on year, the company lost €800,000. Earnings before interest, tax, depreciation and amortisation were €6.1m compared with €8.1m the previous year. Rovio said it had invested €22m in top-performing games, hoping this would boost its profits in the future. "We expect the pay-back time for these investments to be eight to 10 months," Rovio CEO Kati Levoranta said in a statement, adding that the launch of the new Angry Birds Match game could become one of the company’s "best performing". Rovio has accelerated its diversification in recent years. The release of the Angry Birds movie (2016), produced by Sony Entertainment, was a huge success, grossing $350m world...
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