Glu Mobile Inc. (NASDAQ:GLUU) Updates On Financial Performance

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Glu Mobile Inc. (NASDAQ:GLUU)a pioneer worldwide publisher and developer of free-to-play games for tablets and smartphone reported financial results for the third quarter ended September 30, 2015. Niccolo de Masi, the Chairman and CEO, said that they are delighted with the financial performance in the third quarter, including their ability to surpass EBITDA and revenue estimates. During the third quarter, the results were led by the increased strength of catalog and the consistent out performance of company’s Cooking Dash game.

The highlights

The CEO of Glu Mobile reported that the supermajority of titles introduced so far in this year have underperformed as remarkable monetization rates were offset by considerably lower-than-projected install volumes. They have strengthened the studio with the engagement of a new President of Studios and CTO, as well as company’s Board with the election of Greg Brandeau. The company are on tracklooking for strategic and accretive uses of strong balance sheet.

Glu Mobile’s CEO further added that they believe company is well positioned considering the potential promotional power of exclusive celebrity gaming deals. The company signed deals with celebrities who in turn have more than 1 billion social followers.

The performance

Glu Mobile Inc. (NASDAQ:GLUU) posted revenue of $63.3 million in 3Q2015 compared to $64.8 million in the same period a year earlier. Total non-GAAP revenue stood at $64.4 million in 3Q2015 against $83.6 millionin the same quarter, a year earlier. Non-GAAP revenue was calculated excluding changes in litigation settlement proceeds and deferred revenue.

Glu Mobile recently appointed new President of Studios, Mr. Nick Earl who is a seasoned gaming veteran. The company reported a deal to fetch Tencent’s top game, WeFire, to South and North America, Australia, New Zealand and EMEA.In October, Mr. Tim Wilson joined the company as Global CTO, bringing to the firm a strong background in engineering leadership and global technology.

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