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Angry Birds maker Rovio’s third quarter revenue jumps

Oct 28 (Reuters) – Shares of Finnish sport maker Rovio (ROVIO.HE), finest recognized for its Angry Birds franchise, soared on Thursday after the corporate reported a soar in third-quarter income boosted by Angry Birds Friends’ finest quarter in 4 years.

The shares have been up 15.9% at 1241 GMT, on monitor for his or her finest day since Rovio’s itemizing in 2017.

“Our key live games continued to perform strongly in Q3. Angry Birds Friends kept on growing and had its best quarter since Q2-2017,” Chief Executive Officer Alex Pelletier-Normand mentioned in a press release.

Sales in Rovio’s video games division, its essential income, rose 6.9% to 68.6 million euros from final 12 months, although they have been muted by lowered advertising and marketing spending on Small Town Murders, launched final 12 months, and Darkfire Heroes, launched in April.

The Finnish firm had seen a soar in income and participant engagement through the stay-at-home interval in 2020, however the results began normalising in the direction of the tip of the 12 months.

Its underlying working revenue rose 11.6% to 14.3 million euros ($16.59 million) within the July-September interval from a 12 months earlier.

Looking forward, Pelletier-Normand instructed analysts that Angry Birds Journey, at the moment in gentle launch, was approaching its world launch, whereas Rovio’s first Moomin sport was additionally scheduled for gentle launch earlier than the tip of the 12 months.

The firm additionally mentioned it was nonetheless focusing on progress within the cellular gaming market by means of new investments and potential acquisitions.

Rovio agreed in August to purchase Turkey-based sport studio Ruby Games to develop its geographical footprint and so as to add to its portfolio so-called hyper-casual video games – easy-to-play cellular video games that generate most of their income by means of advertisements.

“We are constantly on the lookout and screening the market, as well, to see if we can find a good fit for Rovio,” Chief Financial Officer Rene Lindell mentioned.

($1 = 0.8621 euros)

Reporting by Milla Nissi in Gdansk; Editing by Tomasz Janowski and Steve Orlofsky

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