5G platform wipes out profits at ‘Angry Birds’ maker Rovio

HELSINKI: Quarterly profit at “Angry Birds” maker Rovio Entertainment plunged 96% as the mobile games company was hit by the slower-than-expected take up of its 5G gaming platform Hatch and higher marketing costs.

Shares in the Finnish company slumped 22% in early Wednesday trading after it said it was evaluating “strategic alternatives” for Hatch, while also looking to make annual cost savings of 6 million euros ($6.6 million) for the 80%-owned unit.