Technology

Rovio Entertainment’s revenue increases more than two-folds in the first half

Rovio Entertainment Ltd announced on Tuesday that its sales in the first half of the year jumped more than two folds as compared to the same period last year. The strong results were mainly driven by the success of the movie named ‘The Angry Birds Movie.’

The company is also planning a sequel of the aforesaid movie in association with Columbia Pictures. The movie is expected to be released in 2019.

The Finnish mobile games and animation studio company reported that its revenue in the first half jumped to 152.6 million euros, versus 78.5 million euros in the same period last year. Adjusted earnings rose to 41.8 million euros, as compared to 11.0 million euros a year earlier.

Revenue from games surged by 76 percent to 117.9 million euros in the first half. The famous titles include Angry birds Friends, Battle Bay and Angry Birds 2.

Kaj Hed owns 70 percent of Rovio, while other investors include venture firms Atomico and Accel Partners. The company turned to profit last year following years of declining profit, job cuts and revamping.

Separately, Bloomberg reported few days ago that Rovio is preparing for a possible IPO, however the company hasn’t comment on the news so far.

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