Angry Birds maker Rovio misses Q4 on sales of €73.9M, EPS of €0.10, closes London studio

Mar 6, 2018 · techcrunch.com

Red angry bird by scooterek d4hy5b4

Gaming and entertainment company Rovio continues to have a very hard time of it as it faces the music on the waning popularity of its once-might Angry Birds franchise. Today, the Helsinki-based company reported Q4 and full-year financials that fell short of analysts’ most conservative estimates as it blamed lower-than-expected interest in its new slate of games. The company also confirmed that it would be closing its London office, opened just over a year ago to kickstart new games development, and that the head of its Games business unit, Wilhelm Taht, would be leaving the company effective immediately.

"In the last quarter of the year our new games, Angry Birds Match, Angry Birds Evolution and Battle Bay landed short of our expectations," Kati Levoranta, CEO of Rovio, said in a statement. "Competition in the market intensified, which led to a significant increase in the unit costs of user acquisition, especially in the puzzle genre."

Short of expectations may be an understatement. According to App Annie, Evolution is currently ranked 562nd in the US App Store, and 451st in Google Play. Match is doing even worse with a ranking in the 700s. And Battle Bay — Rovio’s big push to start a franchise outside of Angry Birds — is even lower, at 1,342 in Games on iOS and no ranking at all in the general Games category for Google Play.

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