Angry Birds maker posts loss despite jump in sales
Angry Birds maker posts loss despite jump in sales
Helsinki - Egypt Today
Finland's Rovio Entertainment, creator of the popular smartphone game Angry Birds, on Thursday posted a loss for the third quarter despite rising sales, as it increased its investments with a view to boost its winnings in future.
Sales reached 70.7 million euros (nearly $84 million) in the third quarter compared to 50 million the previous year, but year-on-year the company lost 800,000 euros.
Rovio posted a profit of 3.9 million euros in the third quarter of 2016.
The company said this quarter's negative result was expected as it invested 22 million euros in top performing games, hoping this would boost its profits in future.
"In line with our growth strategy, we significantly increased our investments in user acquisition, which predictably led to a decline in profitability," Rovio chief executive Kati Levoranta said in a statement.
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