Photo by BagoGames/Flickr
Rovio, the maker of Angry Birds, the hit smartphone game turned movie, has warned that profits in 2018 will be down compared to last year and “may differ from market expectations” driving its shares dropping by more than 40 percent.
According to the preliminary figures that were published today, the company is forecasting revenue of between €260m (£230m) and €300m this year, down from the €297m that it made last year.
According to consensus estimates from the data of Thomson Reuters, the revenue was up by 55 percent on 2016. However, analysts had forecast €300m for last year and €337m for this year.
Last September, Rovio floated. However, its flight path has been somewhat shaky. While floating at the top price range, the company later reported a loss in its maiden results which sent its shares plunging by more than 20 percent at the time.
Shares of Rovio on the Helsinki stock exchange were down by 45 percent at around 12 noon.