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Rovio nearly doubled its revenue during the second quarter

Rovio nearly doubled its revenue during the second quarter

August 15, 2017 | By Chris Kerr

Finnish mobile giant Rovio has released its financials for the second quarter of 2017, revealing revenue has almost doubled since Q2 2016. 

More precisely, year-over-year revenue leapt up by 94 percent to €86.2 million ($101.3 million) thanks to the continued strong performances of Rovio's games lineup combined with the takings from The Angry Birds Movie. 

Revenue in the company's games division rose by 65 percent to €61.3 million ($72 million). That positive shift was driven by a 30 percent increase in the number of monthly paying users, and a 51 percent rise in revenue per monthly paying user. 

Rovio also released two new games -- Battle Bay and Angry Birds Evolution -- during the second quarter, and both launched with the highest ARPDAU (average revenue per daily active user) the company has ever seen.

"The second quarter of 2017 evidenced true delivery of our games-first strategy with very strong growth in revenues and profits," explained company CEO, Kati Levoranta.

"During the second quarter, we also finalized Rovio’s restructuring and moved towards a licensing model of lower operating and capital expenses in the consumer products and animated content businesses.

"The benefits of these structural changes, however, have not yet been reflected in the strong financial performance we achieved in the first half of 2017."

Recent rumours indicate Rovio will soon look to raise $400 million through a local public offering in an effort to support its future development plans and finance the production of its Angry Birds Movie sequel. 

There have also been other rumblings that suggest Chinese internet giant Tencent is preparing to buy the Nordic juggernaut for around $3 billion.

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