Angry Birds owner Rovio posts good financial results in a market facing headwinds in Q2

The Finnish video game developer saw a 14% increase in revenue.
Angry Birds characters posing for the camera on a colorful hill

The mobile gaming giant Rovio announced its Q2 2022 financial results, and they’re looking good, especially in a quarter where most video game companies are failing to hit their monetary goals.

The Finnish video game developer’s revenue in the three-month period that ended June 30 rose 14% to €78.4 million and the group adjusted EBITDA increased to €15 million. The company also posted positive results in operating profit: €11.3 million. The adjusted operating profit margin increased to 14.3% according to the report. The company’s bookings also saw an increase by 8.8% to €72.4 million.

The Angry Birds franchise also saw growth across multiple titles, and the latest installment in the franchise, Angry Birds Journey, generated €7.3 million in gross bookings. The game was launched back on January 20, 2022. Rovio’s operating cash flow was reported as €15.3 million and earnings per share were €0.13.

Alex Pelletier-Normand, CEO of Rovio said the following during the earning calls:

“I am proud to report that we performed well in a challenging environment in the second quarter. We have clearly outperformed the market and I would like to thank all Rovians for their dedication and efforts during this period.

“In the second quarter, our reported revenue saw solid growth thanks to the launch of Angry Birds Journey, the consolidation of Ruby Games, and the favorable effect. Our comparable revenue was virtually unchanged from the prior year, while our profit was clearly up.”

The experienced business person said Angry Birds continued to grow year-over-year, but noted that Angry Birds Journey’s revenue declined in Q2 2022, mainly due to the company lowering the user acquisition budget.

Turkish hyper-casual maker Ruby Games continues to grow

Ruby Games logo side by side Angry Birds main characters

Izmir-based hyper-casual game studio Ruby Games, which was acquired by Rovio back in August 2021, grew 23% year over year. However, hyper-casual maker’s results were a bit down compared to its Q1 earnings. Rovio says the decline is due to “the global decline in advertising investment and Apple’s ATT.”

The Finnish mobile gaming giant said they will take full advantage of the acquisition of Ruby Games and continue to see strong profit growth for the rest of the year. The Turkish studio’s Hunter Assassin 2 is still in its soft launch period “with the addition of real-time multiplayer and a deeper meta system.” said Pelletier-Normand.

If you want to compare, you can read Rovio’s Q1 2022 financial report.

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