Gaming Angry Birds maker Rovio closes London studio

Discussion in 'Headline News' started by tom_mai78101, Mar 6, 2018.

  1. tom_mai78101

    tom_mai78101 The Helper Connoisseur / Ex-MineCraft Host Staff Member

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    The company behind the hit mobile game Angry Birds has closed its London studio, after warning its profits were likely to fall.

    Rovio's head of games, Wilhelm Taht, also resigned on Friday, leaving chief executive Kati Levoranta in charge.

    The Finnish games company has warned that its brand licensing revenues could decline 40% this year.

    It has blamed tough competition and higher marketing costs for the poor outlook.

    Rovio's London studio was opened in 2017 and the company went public in September with a valuation of £786m.

    But on 22 February, the Finnish games maker issued a profit warning that caused its shares to drop by 50%.

    Announcing the closure of its London studio, Rovio said it wanted to concentrate on its studios in Finland and Sweden.

    The company had employed seven games developers in London.

    Read more here. (BBC)

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