Rovio’s share price has fallen by almost 19% since it went public in September, with a particularly sharp drop on Thursday (Nov. 23) after it released its first quarterly report since the IPO.
Rovio is known for the Angry Birds game, but almost a decade after it launched, the Finnish firm has failed to release another blockbuster title.
Rovio’s sales increased from €50 million ($59.2 million) in the third quarter last year to around €70 million this year.
But heavy investments to find new players for existing games meant earnings were roughly flat, at nearly €9 million. One analyst called the report a “brutal disappointment.”
Rovio is trying to wring as much cash out of the Angry Birds universe as possible. It has launched a crossover with Star Wars, a spin-off with new birds, and even a movie, with a sequel already in the works.