Rovio sees a drop in revenue as it generates $79.3 million in Q3 2020
Finnish game publisher Rovio has released figures showing that it posted revenue of €67.9 million ($79.3 million) in the third quarter of 2020, down 9.2 percent from last year.
Rovio said the decline in revenue was mainly due to a contraction in branded IP licensing business. However, the Rovio Group's adjusted profit grew to €12.8 million ($14.9 million) in the third quarter due to stable revenue performance from Rovio's games and lower customer acquisition costs.
Stable revenue
Although Rovio's gaming revenue was down 3.3 percent year-over-year in the third quarter, the gaming segment still totaled €64.2 million ($75 million).
In June, Rovio also launched a new puzzle game, Small Town Murders. The game's profitability also strengthened in the third quarter, with revenue totaling €3.0 million ($3.5 million) in a single quarter. Angry Birds 2 also posted year-over-year revenue growth.
Positive developments
Kati Levoranta, CEO of Rovio, said: "In the third quarter of 2020, our gaming revenue and player engagement returned to normal levels from the peak in the second quarter. Gaming revenue was down slightly from the second quarter, but still higher than the first quarter."
"Rovio's revenue capacity continues to be at a high level with a significant year-over-year increase due to lower customer acquisition costs and stable game revenues. The company's operating cash flow also remains at a high level due to stronger revenue capacity." Separate news sources have also indicated that Levoranta plans to leave the company at the end of this year.
OTHER NEWS
-
- Fleets: Twitter Launches Disappearing Tweets Tool
- By Emily 24 Apr,2023
-
- The upcoming asteroid is closer than the moon
- By Wanda 24 Apr,2023
-
- PlayStation 5 Trophies May Be Updated, Players May Have More Rewards
- By Alan 24 Apr,2023
-
- Python surpassed JAVA in the TIOBE rankings for the first time
- By Robin 24 Apr,2023
-
- Amazon India Launches Step
- By Wilson 24 Apr,2023
-
- Facebook Hopes the Digital Currency Diem and Digital Wallet Novi Will Launch in 2021, Top Exec Says
- By Lois 24 Apr,2023
-
- Data Report - 2020 Global Gaming Industry Acquisitions Reached $19.24 Billion
- By Clarke 24 Apr,2023
-
- Top 10 Game Developers of 2020 (II)
- By Cooper 24 Apr,2023
-
- After Spotify, YouTube Music Launched a Personalized Playlist‘My Mix’
- By Irene 24 Apr,2023
-
- Fortnite: Top up and Get 2 Months of Disney+ Service for Bonus
- By Julie 24 Apr,2023
-
- Saudi Arabia’s SAMA Opening-Up Policy Is Conductive to E-Commerce Development in the Middle East in 2021
- By Hall 24 Apr,2023
-
- Virtual Reality Therapy Can Help People Cope with Eating Disorders
- By Pamela 24 Apr,2023