Rovio Entertainment said on Monday that chief executive Kati Levoranta would leave the producer of the Angry Birds game series at the end of the year.
LevorantaWho led Rovio since 2016, Took it with public markets 2017 list. While it was an early success, only five months later Rovio released Surprise profit warning, Offending investors and halving its share price in one day.
Rovio president Kim Ignatius said in a statement, “The company’s results and cash flow growth are at a good level and its balance sheet is strong.”
Although after warning of profit, Levoranta said that Rovio was sticking with a long-term 30 percent operating margin, it has been between 6.3 percent and 11.2 percent in the last three years.
Rovio’s shares rose 1.2 percent following the news of LeVoranta’s departure.
The Finnish firm said, “The board of directors will begin the search process for a new CEO.”
Earlier in August, Rovio Reported A 160 percent jump in second quarter adjusted operating profit. “We reached a record high revenue driven by the strong performance of our major sports,” Levoranta said in a statement.
Adjusted operating profit rose to EUR 13.8 million (approximately INR 121 crore) from EUR 5.3 million (approximately INR 46 crore), while revenue fell 3.6 percent to EUR 69.2 million (approximately INR 610 crore) due to lower film revenue. The Finnish company, which listed its shares in 2017.
The company attributed the increase to “better growth due to player engagement.” COVID-19”As well as lower marketing costs.
“The overall impact of COVID-19, which was reflected in the high level of downloads, daily active users and player engagements, was at the peak in late April,” Levoranta said.
© Thomson Reuters 2020
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