Gameloft smartphone, tablet games make up 40% of earnings in Q1

French mobile developer Gameloft posted its Q1 2012 earnings today, reporting sales of €44.8 million ($58.9 million USD) for a 14 percent increase over the previous year. Unsurprisingly, smartphone and tablet game are up year-on-year to 59 percent and now account for 40 percent of total sales.

Gameloft may have been early to the smartphone games party, but it adopted the free-to-play model only 12 months ago. The company says that its rapid growth this year is largely due to how well the model performs, claiming that more than half of its smartphone game revenues are come from in-app purchases and ad revenue in those games. Meanwhile, the company continues to develop games for the feature phone market as well, which gives them an edge in developing countries where fewer people have access to iOS and Android devices.

For 2012, Gameloft is holding to its current guidance with plans to announce Q2 earnings results on July 26. The company is still increasing its headcount with new hires this year, and recently opened a U.S. studio in New Orleans, LA. Company shares are trading at €4.72 today after opening at €4.6.