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Rovio profit weighted by asset write-off

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Rovio Entertainment Oyj said on Friday it had moved to fourth-quarter net profit, but earnings fell short of expectations after the company recorded the costs of canceling a game.

The company behind the Angry Birds mobile game franchise grew to net profit of 3.0 million euros ($ 3.6 million) for the quarter, following a loss of 0.7 million euros. euros a year earlier, when turnover had fallen 4.3% to 68.5 million euros.

FactSet analysts forecast a net profit of 8.3 million euros on a turnover of 68.4 million euros.

Rovio wrote off $ 4.6 million in assets during the quarter after canceling its Angry Birds Legends game.

The Finnish developer said the mobile gaming market continues to grow, with casual gaming being a major growth driver. Changes in consumer behavior and underlying market trends have been accelerated by the pandemic and play an important role in both how current games work and in the development of new games, he said.

“This combined with industry changes like Apple’s privacy policy is fueling near-term uncertainty in the market environment,” he said.

Rovio said it aims to increase its user acquisition investments, but that could have near-term profitability implications.

User acquisition investments, the cost of advertising and marketing to attract gamers, fell 42% to € 16.0 million in the quarter, while total gross bookings fell by 3.1% to 64.9 million euros. Gross bookings represent in-app purchases and in-app ad sales.

Write to Dominic Chopping at [email protected]

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