Angry Birds Maker’s Stock Takes Flight on Strong Earnings Beat
A model of Angry Birds character 'Red' inside the Rovio Entertainment Oy headquarters in Espoo, Finland.
Photographer: Roni Rekomaa/BloombergThis article is for subscribers only.
The maker of the Angry Birds mobile games, Rovio Entertainment Oyj, soared the most on record on Friday after saying strong sales growth in the first quarter would continue for the remainder of the year.
Shares rose as much as 21.5% in Helsinki, the most since the game developer’s 2017 initial public offering, amid heavy trading volume. The company’s revenue rose 27% to 85 million euros ($90 million), topping estimates. Adjusted operating profit came in at 10 million euros, more than twice the average analyst projection.