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Angry Birds maker Rovio's shares jump after strong quarter

HELSINKI (Reuters) - Rovio Entertainment (ROVIO.HE), the maker of the Angry Birds mobile game, on Friday reported higher third-quarter profits that sent its shares up more than 10 percent but the company also said it needed new games to drive growth.


The Finnish company reported third-quarter adjusted operating profit of 10.4 million euros ($11.80 million), up from 4.0 million euros a year ago.

The rise in quarterly profit was mainly due to reduced marketing costs and growth from Rovio’s most popular game, Angry Birds 2, which increased its gross bookings 68 percent to 30.8 million euros year-on-year.

But looking ahead, Rovio said tough competition and high marketing costs would put pressure on its full-year outlook.

The group said it expected 2018 sales to be between 280 and 290 million euros, compared with a previous range of 260 and 300 million euros. Last year, the company had revenues of 297 million euros.