Profits are up as Rovio issues first quarter financials for 2018

Angry Birds developer Rovio has released its first quarter financial results for the first quarter of 2018.

It’s largely good news for the developers, with Rovio closing its London studio back in March this year. Overall revenues are steady and only took a minor dip of 0.9 per cent when compared to the same period last year, dropping from €66.3m (£57.9m) to €65.7m (£57.4m) while revenues for the companies games business remain stable at €56.8m (£49.6m) a tiny boost on last years €56.8m (£49.4m) figure.

However, the big news is that the operating profit for the company rose by 73 per cent year on year, this year at €9.6m (£8.4m), a large increase on last year’s €5.6m (

More promising is the firm’s operating profit, which rose by 73 per cent year-on-year to €9.6 million – a significant improvement on last year’s €5.6m (£4.9m).

Most of the money is coming through Angry Birds 2, with the game achieving record revenues during the first quarter. The company also has ten new titles in active development, one of which is currently in soft launch.

The firm still plans to see between €260 – €300m in revenues throughout 2018. It’s been a tough opening to the year after several redundancies and two big-name departures in the shape of Wilhelm Taht and Rauno Heinonen, however these figures and the fact that a second Angry Birds movie will be releasing in 2019 could indicate a return to form for the company, even if 2018 ends up being more of a "building year" for the company to get itself in order for the future.