Rovio has released its financials for its Q1 FY2020 for the period ending March 31st 2020.
The company saw revenues of $72.2 million (€66.6 million), a decrease of 6 per cent year-on-year. However, its adjusted operating profit jumped to $14.1 million (€13 million), representing an increase of 74.8 per cent year-on-year.
Profits are likely to have grown due to a huge decrease in UA spending. Rovio stated that it had spent $14.6 million (€13.5 million) on UA in Q1 2020, down 43.3 per cent from the $25.7 million (€23.7 million) it spent in Q1 2019.
Angry Birds 2, the developer's flagship free-to-play title, generated $27.1 million (€25 million) in gross bookings for the quarter, a slight increase quarter-on-quarter, despite the reduced UA. Angry Birds Dream Blast saw gross bookings of $17.5 million (€16.1 million), a slight decrease quarter-on-quarter, and also saw its UA efforts cut.
"In the beginning of the first quarter we scaled down user acquisition to meet our payback targets and the daily user acquisition investments were quite stable throughout the quarter," said Rovio CEO Kati Levoranta.
"Now as we have entered the second quarter, the user acquisition has continued at a similar level. We are ready to invest more in user acquisition when we see an opportunity in the market, improvement in live games performance and when we launch new games."
Rovio is planning to release up to three games in 2020. It has already soft-launched Angry Birds Tennis, Angry Birds Casual, and Angry Birds Legends. There are also plans for a new Angry Birds TV series to air on Netflix in 2021.