Rovio’s Q1 2022 quarterly results celebrate a 26 per cent year-on-year increase in revenue, which Rovio CEO Alex Pelletier-Normand explicitly contrasts against a third consecutive quarter-on-quarter decline in the mobile F2P market.
Revenue increased from €67.1 million in Q1 2021 to €85 million in 2022 – an upward swing of 26.6 per cent – and Rovio’s adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation) saw a discreet increase from €12.3 million in Q1 2021 to €13.6 million.
DAU across all Rovio titles increased considerable year-on-year, from 4.2 million Q1 2021 to 7.3 million in 2022 (inclusive of Ruby Games’ player base).
Pelletier-Normand stated: “The mobile F2P market has continued to face headwinds during the quarter, recording its third consecutive quarter-on-quarter decline, according to data.ai. As was the case in Q4 2021, we have navigated those changes with a positive outcome during Q1.”
Bet it on red
The report outlines a number of risks Rovio faces in 2022, including the firm’s “ability to develop new games” and “changes in governmental regulation”, but remains positive about the company’s direction, stating “there were no material changes in the risks and uncertainties during the review period”.
Pelletier-Normand was also confident about the performance of Rovio acquisition Ruby Games, and stated in the report: “Ruby Games also had a strong quarter, with close to 45 per cent pro forma year-on-year growth driven by their new hypercasual word game, Wordus […] with those results, the team continues to show its drive and resourcefulness.”
Other details from the report include a 1.7 per cent revenue decline as a result of Rovio removing its games in Russia, as well as a declaration that the boycott will continue, and Rovio’s most recent title, Angry Birds Journey, was released in January 20 2022 and has seen gross bookings – IAPs and IAA sales – of €10.1 million.