Here’s what we have for you today:
• The red bird
• Pork chop
• Meta stunted
Maker of Angry Birds going on sale
The acquisition: Sega is close to a deal to purchase Angry Birds game creator Rovio Entertainment for $1 billion.
Top bird: Rovio, a Finnish company that went public in 2017, has experienced large success from its Angry Birds mobile game ever since its debut in 2009.
Since the beginning: 10 years after the launch of the game, Rovio reported a 48% drop in its quarterly profit year-on-year, and noted the decline on the difficulty of obtaining new players.
Pork sector at risk
Slaughtering the slaughterer: Pig processing plants are in danger of shutting as soaring inflation hampers demand for pork while feed costs rise.
Pig problem: Olymel a Canadian company, announced it will permanently close its slaughter plant in Vallee-Jonction, Quebec, impacting approximately 1,000 workers.
“The decision was necessary to stop losses in the fresh pork sector, which have amounted to more than $400 million over the past two years and are jeopardizing the entire company’s profitability,” Olymel’s chief executive officer Yanick Gervais stated in a statement.
Another one: Canadian HyLife Foods is looking for a buyer for its pig processing plant southwest of Minneapolis just three years after it acquired the facility, which processes about 1.2 million pigs annually.
“Our industry has been facing unprecedented external challenges such as inflation, high grain costs, and exchange rates that are affecting businesses and consumers alike,” HyLife chief executive officer Grant Lazaruk stated in an email.
The shrinking Meta
Diminishing: As of April 2023, on top of the previous laid-off workers, some reports suggest that CEO Mark Zuckerberg is considering at least two more rounds of reductions and removing as many as 5,000 job openings.
Employee morale: Cheap cost-cutting measures have also caused workers to scrutinize the company, including reductions in travel and other expenses.
Innovation curb: Meta has long been committed to the metaverse (ever since adopting the name) and return on investment seems a long way off in comparison to the success of its rivals such as Microsoft and Google.
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