Glu Mobile Shrinks 3rd Quarter Losses on Higher Revenues
The mobile games developer, Glu Mobile has reported third quarter consolidated revenue of US$16.7 million, an increase of 35 percent from the third quarter of 2006. The GAAP net loss in the third quarter of 2007 was $753,000, compared to a GAAP net loss of $3.8 million in the third quarter of 2006.
Glu's top ten titles represented approximately 59 percent of revenue in the third quarter of 2007, which was up from 58 percent of revenue in the third quarter a year ago. The average revenue per top ten title was $980,000, an increase of 38 percent compared to $711,000 in the third quarter of last year. New titles released in the third quarter of 2007 included Asteroids and White House Rumble.
"During the quarter we experienced strong growth in North and South America and saw renewed growth in the Asia Pacific market, however, this was tempered with slower growth in certain geographies in Europe," said Greg Ballard, Glu's chief executive officer. "We had one of the strongest quarters in our history in terms of game rankings and continued to expand our licensing agreements to build the foundation for future growth. We have recently extended our relationships with SEGA and PopCap Games, announced Diner Dash 2, and signed a new partnership with Big Fish Games. Combined with our recently announced lineup of original IP titles, we believe this represents our best publishing lineup."
The company expects that its full year GAAP revenue to be between $66.4 million and $66.9 million. Full year GAAP net loss, excluding the $3.1 million deemed dividend, is expected to be between $4.1 million and $4.5 million.
Posted to the site on 2nd November 2007
