Rovio sees a drop in revenue as it generates $79.3 million in Q3 2020
Advertisement
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
Advertisement
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.
Advertisement
- Previous article
- Co-op horror game “Phasmophobia” is a huge success
- Next article
- PayPal Q3 transactions hit record total: $247 billion
Advertisement
OTHER NEWS
Co-op horror game “Phasmophobia” is a huge success
BY Sharon
Rough user portraits of Gen Z mobile game players
BY Heather
A Game Boy that can be played forever without charging
BY Sharon
Playing video games as a child is proven to bring lasting improvement in cognitive ability
BY Jacqueline
Standard Chartered Bank: Widespread Digital Currencies Inevitable
BY Morgan
Local News’ Transition to Paid Content In the Context of Layoffs, Mergers and Bankruptcies I
BY Jessica
RECENT NEWS
-
How to Download and Install Wyze App for Free?
-
How to Download and Install VIX for Free?
-
How to Download and Install Minecraft?
-
How to Get Free Units in Marvel Contest of Champions?
-
How to Get Free Strawberries in Transformice?
-
Indian Kids-Focused Fintech Platform Junio Has Raised Seed Capita