Crash landing: Angry Birds maker plummets 54% since IPO

Shares in the maker of Angry Birds have lost half their value since they listed on the stock market last October....

Posted: Feb 22, 2018 1:08 PM
Updated: Feb 22, 2018 1:08 PM

Shares in the maker of Angry Birds have lost half their value since they listed on the stock market last October.

The latest plunge came Thursday after the company -- Rovio -- warned its revenues are likely to take a hit this year. Its shares fell by 46% on Finland's main stock exchange in Helsinki.

Rovio failed to take off after the IPO, which valued the company at about $1.1 billion. After Thursday's share price collapse, the Finnish gaming company is now worth just $500 million.

The company said it expects revenues of between -260 million ($319 million) and -300 million ($369 million) in 2018, compared to -297 million ($365 million) in 2017. Rovio said profits could also be lower than last year.

Angry Birds has been downloaded over 3.7 billion times. But investors have long been worried about Rovio's ability to churn out new hit games and absorb the high cost of getting new users.

"While Rovio's games revenues have improved in recent quarters its lower than expected profits forecast highlight the increasing competition in the mobile games industry," said Jack Kent, director of mobile media at -IHS Markit.

The company got a big boost from "The Angry Birds Movie" in 2016, which grossed nearly $350 million in ticket sales worldwide, according to Box Office Mojo. A sequel is planned for 2019.

However, Kent pointed out that the share of revenues from Rovio's licensing business is falling.

Related: Angry Birds, angry investors

There are plenty of examples of "one-hit wonders" in the gaming world.

King Digital Entertainment, the company behind Candy Crush, was bought by Activision for $18 a share -- 20% bellow its IPO price.

And the 2011 IPO of Zynga, the maker of Words with Friends and FarmVille, also turned out to be a disappointment. Its shares have fallen from $10 to roughly $3.60.

Minnesota Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 24190

Reported Deaths: 1036
CountyConfirmedDeaths
Hennepin8181606
Ramsey2863122
Stearns201413
Nobles15125
Anoka136370
Dakota126354
Washington61731
Olmsted60810
Kandiyohi4901
Rice4522
Clay42426
Scott4082
Todd3130
Wright3051
Mower3031
Sherburne2372
Carver2062
Benton1753
Steele1590
Blue Earth1380
Martin1295
St. Louis11814
Freeborn1150
Pine890
Nicollet8610
Unassigned8610
Winona7915
Carlton730
Watonwan710
Cottonwood700
Crow Wing682
Goodhue663
Otter Tail640
Chisago611
Polk612
Itasca5410
Dodge520
Chippewa491
Lyon490
Morrison450
Meeker450
Le Sueur441
Douglas410
Becker390
Jackson390
Murray390
McLeod340
Isanti320
Waseca260
Rock220
Mille Lacs191
Faribault180
Swift180
Wabasha180
Fillmore171
Pennington170
Sibley160
Brown152
Beltrami140
Cass132
Norman130
Pipestone120
Kanabec111
Wilkin113
Marshall100
Pope90
Wadena90
Aitkin80
Koochiching70
Yellow Medicine60
Mahnomen61
Lincoln50
Renville50
Big Stone40
Grant40
Red Lake40
Redwood40
Clearwater30
Hubbard30
Traverse30
Lac qui Parle30
Roseau30
Houston20
Lake10
Kittson10
Stevens10

Iowa Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 19217

Reported Deaths: 531
CountyConfirmedDeaths
Polk4160125
Woodbury274034
Black Hawk173944
Linn94976
Dallas89220
Marshall89216
Buena Vista7350
Johnson6149
Wapello5589
Muscatine55641
Crawford5142
Tama40227
Scott35810
Dubuque34518
Louisa34311
Jasper26116
Pottawattamie2578
Sioux2190
Washington1888
Wright1670
Plymouth1292
Warren1260
Allamakee1204
Story1091
Mahaska9310
Poweshiek908
Henry711
Bremer696
Des Moines621
Clinton611
Boone610
Taylor540
Clarke530
Guthrie503
Cedar461
Benton411
Webster391
Monroe385
Shelby370
Jones360
Hamilton350
Clayton343
Iowa330
Buchanan330
Osceola330
Marion320
Cerro Gordo281
Cherokee280
Madison282
Fayette270
Lee250
Winneshiek240
Monona240
Jefferson230
Harrison220
Davis210
Lyon210
Dickinson200
Grundy200
Mills190
Floyd191
Sac180
Humboldt170
Lucas170
Hardin160
Hancock160
Delaware150
Keokuk150
Clay150
Appanoose153
Butler151
Emmet140
Ida140
Page130
Greene130
Franklin130
Cass120
Howard120
Audubon121
Jackson120
Winnebago110
Pocahontas110
Chickasaw100
Carroll90
Van Buren90
Adair90
Kossuth90
Union70
Adams70
Montgomery70
Palo Alto60
Unassigned60
Fremont40
Mitchell40
Ringgold40
Worth30
Calhoun20
Wayne10
Decatur10
Rochester
Few Clouds
45° wxIcon
Hi: 72° Lo: 60°
Feels Like: 41°
Mason City
Clear
48° wxIcon
Hi: 74° Lo: 60°
Feels Like: 46°
Albert Lea
Clear
48° wxIcon
Hi: 74° Lo: 60°
Feels Like: 48°
Austin
Clear
48° wxIcon
Hi: 75° Lo: 62°
Feels Like: 48°
Charles City
Clear
48° wxIcon
Hi: 73° Lo: 59°
Feels Like: 46°
Sunnier skies for the weekend
KIMT Radar
KIMT Eye in the sky

Latest Video

Image

Rochester People's Rally

Image

Religious leaders call for justice for George Floyd

Image

Rochester downtown under curfew Saturday night

Image

Sean Weather 5/30

Image

Governor Walz GivesUpdate

Image

Gov. Walz Addresses Minnesotans in Overnight Press Conference

Image

Riots, Fires continue in Minneapolis

Image

Protesters in Downtown Rochester

Image

Mower County Fair will go on as planned

Image

Minneapolis Gas Stations Shut Down

Community Events