Glu Mobile’s smartphone revenues climb 192% to $17.4m in Q1

Glu Mobile is continuing to climbs towards profitability as its smartphone revenues increase. According to the company’s first quarter earnings report, smartphone revenues increased 192 percent year-over-year to $17.4 million, up from the $10.1 million the company reported last quarter. Revenues from iOS and Android games now account for 81 percent of the company’s income, more than double the percentage Glu reported this time last year. In Q1 2011 the company’s smartphone earnings of $5.9 million were 35 percent of its total income. Glu is predicting it will become profitable again in Q4 2012. It reported a GAAP (generally accepted accounting principles) operating loss of $6 million in the quarter ending March 31, as compared to an operating loss of $2.6 million in the same quarter a year ago. Glu’s Non-GAAP operating loss was $23,000. The company also revealed it paid Atari $5 million in cash for the Deer Hunter brand in April. Glu’s daily active users grew to 3.2 million, up from 2.8 million in Q4 2011, but monthly active users dropped by approximately 1.5 million MAU to 29.8 million in the same period. By comparison Glu rival Zynga reported 21 million MAU in the same quarter. Overall Glu’s catalogue of games drove 55 million installs during the quarter and Glu’s average revenue per daily active user was 5.5 cents, with 1.6 percent of users converting. Glu’s number of in-app purchases for the quarter increased by 63.2 percent, rising from 1.52 million in Q4 2011 to 2.48 million in Q1 2012. The average revenue per billable transaction declined for the second straight quarter however, dropping from $5.79 in the fourth quarter of 2011 to $4.71 in the fist quarter of 2012. Glu is predicting its non-GAAP smartphone revenues will be between $17.5 and $18.5 million in the second quarter, and its total non-GAAP smartphone revenues will come in between $76.4 million and $81.5 million for the full year. The company is also expecting to end the year with 18.0 million in cash, down from 2011 when the company had $32.2 million on its balance sheet on Dec. 31. The company currently has $22 million in cash on hand. The company’s stocks were up on the news, hitting $4.92 in early trading before dropping off to $4.62 by the end of the day.

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Glu Mobile’s smartphone revenues climb 192% to $17.4m in Q1

Kathleen De Vere

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Kathleen De Vere