News
Glu makes lay-offs to cut costs
Stuart O'Brien Dec 3 2008, 10:17am
Mobile games publisher moves to slash non-GAAP operating expenses by $13 million.
Glu has taken steps to reduce its non-GAAP operating expenses by 19 per cent from 2Q08 levels to $57 million on a non-GAAP basis in 2009.
As part of the measures, which should start being felt in 1Q09, CEO Greg Ballard will take a 25 per cent salary cut.
Glu, which hasn't detailed how many jobs will be affected, says both macro and micro economic conditions means the cuts are required.
Ballard said: “These decisions are difficult but necessary given the increasing economic headwinds facing our industry and the softening in consumer spending.
"By realigning our operations and resources worldwide, we are able to improve our financial performance in the near term while continuing to invest in key growth opportunities in the mobile games industry, especially surrounding high-end handsets and new platforms such as iPhone, Android and N-Gage."
