Glu Mobile (GLUU) reported earnings after the close of markets today. Here are some highlights from their conference call:
- Revenue was above guidance, but still down 17% compared with the Q1 2009
- Glu Mobile is still only deriving 9% of its revenues from smartphones, which looks pretty weak compared with Gameloft, which generates 21% of its revenues from iPhone OS alone
- They are putting a big stake in 4 new original "mass-market persistent" game franchises that will launch before the end of 2010
- Forecasting Q2 2010 between $13.6mil & $14mil
- Revenue by region: 52% NA, 27% EMEA, 21% rest of world
- Avg revenue per Top 10 title in quarter was $791k
- Largest title accounted for 9% of revenue
- Verizon accounted for 18% of revenues
- 80% of revenues came from licensed titles
- Even though the company realized a positive cash flow of $1.6mil in Q1, ongoing payment obligations related to their $30.5 acquisition of MIG for in 2007 continue to drain their resources... currently they've got about $7.5mil in the bank
- CEO Niccolo de Masi & CFO Eric Ludwig plan to announce a solution to ongoing liquidity concerns by the Q2 2010 earnings call
- There was only 1 question from an analyst at the end of the call (after a long awkward silence)... kinda sad really
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