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Finance

Glu Mobile quarterly losses more than triple to $6.2m

Mon 07 Nov 2011 9:22am GMT / 4:22am EST / 1:22am PST
Finance

However, revenues grow y-o-y to $16.9m as smartphone sales triple

Glu Mobile

Glu Mobile (formerly Sorrent, Inc. and Macrospace Ltd.)
is a leading developer and global publisher...

glumobile.com

Social publisher GLU has reported quarterly losses of $6.2 million, more than triple that for the same period last year.

The figure comes alongside a slightly increased revenue of $16.9 million, up from $15.5 million for the 2010 quarter.

That increase in sales reflects a huge growth in the company's smartphone business, which has grown by 306 per cent year-on-year.

"We are pleased with our strong third quarter results, especially in our ability to maintain momentum in smartphone revenue growth and simultaneously expand gross margins," said CEO Niccolo de Masi.

De Masi was also buoyant on the publisher's growing slate of home-grown games, which is becoming an increasingly large part of the company's business.

"Original IP accounted for more than half of total revenue for the first time in our history, which reflects the success of our product strategy. We believe that Glu is well positioned due to our strength on Android combined with the leverage from our audience of over 22 million monthly active users."

Glu has made a number of recent acquisitions, which De Masi believes will strengthen the company's fortunes in coming quarters.

"In addition, we remain very excited about the recent Griptonite and Blammo acquisitions and the progress we have made toward integrating these studios into our operations," claims the CEO.

"Looking forward, we expect our scale combined with demand for new and existing franchises to drive continued growth in 2012."

Predictions for the coming quarter are a non-GAAP loss of between $6.2 and $7.2 million.

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