Rovio's revenue misses expectations - analysts

Rovio Entertainment Oyj

11/08/2022 09:48

** Shares in Finnish game maker Rovio  ROVIO.HE  plunge 9%
after the company's second-quarter revenue missed market
expectations, according to analysts  urn:newsml:reuters.com:*:nASM000MY1
    ** Inders analyst Atte Riikola points to missed estimates
especially in Rovio's newest game, Angry Birds Journey
    ** The game, which was launched in January, generated 7.3
million euros gross bookings in the quarter, while Riikola
expected 9.3 million euros
    ** Rovio's total revenue of 78.4 million euros missed
Riikola's expectations of 81.1 million euros
    ** The Angry Birds maker stuck to its 2022 outlook and said
it plans to increase investment in its top performing live games
    ** OP analyst Kimmo Stenvall says Rovio performed well
against the market, but that the overall top line was a bit soft
    ** "The market environment has been quite tough and mobile
gaming market was down year on year," Stenvall says
    ** Today's fall wipes away the stock's year-to-date gains
    

    


 (Reporting by Marie Mannes and Boleslaw Lasocki)
 ((Marie.mannes@thomsonreuters.com; boleslaw.lasocki@tr.com))