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The maker of the Angry Birds game, Rovio Oyj, plunged on Friday after the Finnish company said its head of games was leaving “with immediate effect” and reported full fourth-quarter numbers that failed to appease angry investors.
The shares sank 14 per cent at one point on Friday, and traded about 11 per cent lower as of 3:06 p.m. in Helsinki. The selloff comes just over a week after Rovio lost half its market value after disappointing shareholders with its preliminary results and outlook.
CEO Kati Levoranta, who led Rovio through an initial public offering in September, said management is “not satisfied with the current performance,” in the statement. “Our intention is to return to a higher growth path,” she said. On a conference call shortly afterwards, the CEO said part of the reason the fourth quarter was so tough was because “competition in the market intensified toward the end of the year.”
Shareholders who bought Rovio stock for 11.50 euros a piece in the IPO less than half a year ago have watched their investments sink more than 60 per cent in value, leaving the company worth about 353 million euros ($435 million).