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Thursday, December 8, 2022

Rovio Posts Slight 3Q Earnings Miss; Sees Significant Revenue Rise for 2022

By Dominic Chopping

Rovio Entertainment Oyj noted a third-quarter net profit on Friday that was below anticipations, but explained it expects this year’s revenue to be appreciably greater than 2021.

The business at the rear of the Offended Birds cell video game franchise described a internet financial gain of 7.6 million euros ($7.6 million) compared with 11.6 million euros a year before, as revenue increased by 8.4% to 77.4 million euros.

A forecast by analysts at FactSet expected a web income of €7.7 million on earnings of €75.3 million.

Rovio mentioned it expects complete-calendar year described earnings to be substantially bigger and equivalent-currency profits to be rather bigger on the 12 months. It had earlier been guided by robust top-line development for the year.

Depending on the speed of development and investments, modified functioning profit is nonetheless anticipated to be decreased for the yr.

Investments in user acquisition in the quarter, the value of marketing and advertising and marketing to attract gamers, increased by 18% to €21.3 million, though overall gross bookings greater by 6.1% to €70.8 million euros, he claimed. Gross bookings depict in-application purchases and in-app advertising product sales.

Investments in user acquisition in the fourth quarter are envisioned to be 28% to 33% of gaming revenue, it claimed.

“We begun the [fourth] quarter with excellent momentum,” claimed Chief Executive Alexandre Pelletier-Normand.

Produce to Dominic Chopping at dominic.chopping@wsj.com

– Write-up Composed By @ from www.bing.com

Nicole Aniston
Nicole loves to write and works as a corporate communications expert by day. She's been working in the field for quite some time now. Her training in media studies has provided her a wide perspective from which to tackle various issues. Public relations, corporate communications, travel, entrepreneurship, insurance, and finance are just few of the many topics she's interested in covering in her work.
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