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Glu Mobile Reports Lower Revenues, Slimmed Losses
by Kris Graft [PC, Console/PC]
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August 5, 2009
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Mobile game publisher Glu Mobile this week reported fiscal Q2 (April-June) revenues fell to $19.9 million from $23.7 million. But the company still managed to narrow net loss to $1.5 million from $6.6 million, compared to the same quarter a year ago.
Glu, which publishes mobile games including Wedding Dash, Zuma, Diner Dash, and various Activision titles, said it achieved positive cash flow from operations "ahead of schedule" during the quarter. The company generated $1.1 million in cash from operations during the period.
Glu is also working towards expanding onto Apple's increasingly popular mobile device. "Our traditional carrier business continues to stabilize, which is allowing the company to invest in new platforms as evidenced by our launch of seven titles for the iPhone during the second quarter," said Glu chief Greg Ballard.
He added, "While the overall revenue contribution from new platforms remains small at this point, we will continue to invest in growth initiatives and believe that Glu remains well positioned to benefit from the growth of the mobile gaming market opportunity from a long-term perspective."
The company expects full-year (ending December 31) revenues to be between $79.1 and $80 million, and a net loss between $11.8 million and $13.8 million.
Glu boss Ballard said in July that he would be leaving the company after after six years, although he's staying on board during the transition to a successor. Ballard said that both he and the company's board agreed that it was time for new leadership.
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