Angry Birds maker 'planning IPO'

LONDON • Rovio Entertainment is planning an initial public offering (IPO) as early as next month that could value the maker of the Angry Birds mobile games at about US$2 billion (S$2.7 billion), said people familiar with the matter.

Rovio could raise about US$400 million from a local market listing, the people said, asking not to be identified as the details are not public. No final decisions have been made and the firm could choose to stay private for longer, they said.

Rovio reported revenue growth of 34 per cent for 2016 to €190.3 million (S$305.7 million) and earnings before interest and taxes of about €17.5 million, compared with a loss in the previous year. The firm, like many game makers, has been searching for new growth after its initial success with the Angry Birds mobile game.

BLOOMBERG

Q2 loss widens for China's JD.com

BEIJING • JD.com, China's second-largest e-commerce firm, yesterday said its net loss widened in the second quarter, as marketing costs damped the impact of higher-than- forecast revenue growth.

It posted net loss attributable to shareholders of 496.4 million yuan (S$101.3 million), from 252.3 million yuan in the same period a year earlier. That was on revenue which grew 43.6 per cent to 93.2 billion yuan. Marketing expenses rose 63 per cent to 4.1 billion yuan, mostly due to sales events in June.

REUTERS