Angry Birds Maker Rovio Sinks on ‘Brutal’ First Earnings Report
- Investments in attracting new users weigh on profitability
- Stock falls more than 20% to lowest level since September IPO
A consumer product of Angry Birds character 'Red' sits in the reception area at the headquarters of Rovio Entertainment Oy in Espoo.
Photographer: Roni Rekomaa/BloombergThis article is for subscribers only.
The company behind Angry Birds lost a fifth of its market value on Thursday after investors saw its first set of earnings since an initial public offering just two months ago.
Rovio Entertainment Oyj’s third-quarter earnings report delivered what FIM analysts called a “brutal disappointment,” sending the shares down more than 20 percent.