Glu's fiscal year "off to a great start" with $81.4m revenues
First quarter results also show losses down 70% to $7.2m, thanks to Design Home and Kim Kardashian
Mobile games giant Glu has released the results for the first quarter of the new financial year, showing strong improvements across the board.
For the three months ended March 31st, revenues rose by 43 per cent year-on-year from $56.8 million in 2017 to $81.4 million. Bookings enjoyed a smaller boost of 26 per cent, up from $69 million to $86.3 million - a new quarterly record for the firm.
Net losses saw a dramatic decrease of 68 per cent since 2017. For the same period last year, Glu reported a loss of $22.8 million, but this year is only reporting losses of $7.2 million.
The firm only highlighted one major launch for the period, MLB Tap Sports Baseball 2018, but it's the back catalogue that is really driving Glu's success. CEO Nick Earl attributes the growth to some of the publisher's ongoing mobile powerhouses, including the popular Design Home and, yes, that Kim Kardashian game.
"Momentum from our significantly improved results last year carried into 2018 and we are off to a great start for the year," he said in a statement.
""Glu's strong first quarter financial results were driven by an outperformance from Design Home and another quarter of growth from both Covet Fashion and Kim Kardashian: Hollywood. These better than expected results demonstrate the quality of our current Growth and Evergreen titles and the successful execution of initiatives we've implemented to improve game performance as part of our live ops strategy.
"We also made steady progress in further developing our product roadmap and are well positioned to execute on our overall growth strategy."
Looking ahead, Glu expects bookings of between $90 billion and $92 billion, with full-year bookings forecast at between $360 billion and $370 billion.