Rovio Entertainment, the maker of the 10-year-old 'Angry Birds' mobile...
FILE PHOTO: A company sign and an Angry Birds game character are seen at the Rovio headquarters in Espoo, Finland March 13, 2019. REUTERS/Anne Kauranen/File Photo
HELSINKI - Rovio Entertainment, the maker of the 10-year-old “Angry Birds” mobile game series, reported on Wednesday a 96% drop in its quarterly profit year-on-year, burdened by its 5G gaming platform Hatch and increased user acquisition costs. The Finnish company, which listed its shares in 2018 and cut its 2019 outlook on higher investment costs in September, said its fourth-quarter adjusted operating profit declined to 0.2 million euros from 5.3 million a year earlier, while sales dropped 1.4% to 71.6 million euros.
Rovio said Hatch, its 80%-owned subsidiary developing a cloud-based game streaming service, is seeking annual cost savings of 6 million euros and focusing on a subscription and streaming service for children and families.
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