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Rovio saw an 8.4% year-on-year increase in revenue in Q3, with the Angry Birds franchise at the top of the pecking order

The company drew $77 million in revenue in Q3
Rovio saw an 8.4% year-on-year increase in revenue in Q3, with the Angry Birds franchise at the top of the pecking order

Rovio has released its financial report covering the period of January to September, showcasing the company’s strong performance in the year so far.

In Q3 the group saw revenue of $77 million, an 8.4 percent year-on-year increase from $71.3 million. However, adjusted EBITDA fell from $17.15 million to $15.2 million over the same period, with the adjusted EBITDA margin falling from 24.1 percent to 20.2 percent.

Q3 also saw a notable decline in Rovio’s adjusted operating profit from $14.2 million to $12 million.

Gross bookings for the company’s games have increased 6.2 percent to $70.5 million, Angry Birds 2 was the quarter’s top earner at $28.6 million, a 7.8 percent year-on-year increase. However Angry Birds Dream Blast saw the largest year-on-year increase, rising by 17.5 percent to $17.5 million.

Looking back with Angry Birds

This success is mirrored in the company’s financial result in the year so far. Revenue is up 16.1 percent in January-September 2022, standing at $240 million compared to $206.3 million in the same period of 2021.

Despite a fall in adjusted EBITDA in Q3, the company has seen a 13.8 percent increase in this metric in the year to date, currently standing at $44.1 million compared to 38.2 million in January-September 2021. The adjusted EBITDA margin remains stable, matching last year’s 18.4 percent.

The group’s adjusted operating profit for the first three quarters of 2022 have risen by 13.5 percent year-on-year, reaching $223 million.

“I am pleased to see that we have continued to perform well in a challenging market in the third quarter,” said Rovio Group CEO Alex Pelletier-Normand. “Our reported revenue grew 8.4 percent and our comparable revenue declined 4.6 percent, during a period in which the US market declined over 15 percent year-on-year. The performance of our live games, especially Angry Birds Dream Blast, the consolidation of Ruby Games, and a favourable fx supported those results.”

Despite the fact that the company has seen somewhat mixed results in terms of EBITDA in the year so far, the increase in revenue both for Q3 and the entire period indicates that Rovio has avoided the industry trend of decline as the market normalises following the pandemic boom.

In August, we listed Rovio as one of the top 50 mobile game makers of 2022.