Glu Mobile Announces Q2 Results
Glu Mobile, the mobile games industry's most-watched stock, today announced its financial results for the quarter ended June 30. The results show significantly decreased quarterly losses as the company inches towards profitability, although revenue did come in slightly lower than analyst expectations.
Glu reported a quarterly loss of $898,000, or three cents per share, from revenues of $16.4 million - a year-over-year increase of 43%. This is compared to Q2 2006 losses, which totaled 2.7 million, or .55 cents per share.
The company revised the top end of its Q3 and year-end guidance slightly, and is now expecting Q3 revenue to total 16.7-17.2 million. Total year-end revenue is expected to be between $68.0 million and $69.5 million.
The company also noted that its top ten titles represented approximately 53 percent of total revenue, compared to 62 percent the year previous. The average revenue per top ten title was $873,000, an increase of 23 percent compared to $710,000 in the second quarter of last year.
"We believe we are at the forefront of a large opportunity in the mobile gaming market, and with our balance sheet significantly bolstered by the proceeds from our IPO, we are well-positioned to drive forward with our long term growth strategy to build the world's leading mobile games company," Glu CFO Rocky Pimentel said in a statement.
Gameloft, the only other publically-traded mobile games publisher, recently announced quarterly sales totaling $31.65 million, a year-over-year increase of 47%.