Company hoping for a turnaround with new 'persistent' games.
Glu Mobile has reported revenues of $16 million for the second quarter of 2010, and a net loss of $3.2 million.
Those revenues are down 19.6% year-on-year, while the losses more than doubled from Q2 2009's $1.5 million.
Glu did manage to generate positive cash flow during the quarter, adding $0.6 million to its coffers. However, there's no doubt that the mobile games publisher continues to have a tough time of it.
CEO Niccolo de Masi (pictured) said the company has high hopes that its recently-secured $13.5 million funding will help it turn its business around.
"We believe that Glu's current business plan will be fully funded with the resources necessary to scale our smartphone revenues across all platforms worldwide," he said in a statement.
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Glu's push into social gaming has already started, and de Masi said that during Q2, the company's revenues from micro-transactions and in-game advertising increased by 127%.
In the ensuing analyst call, Glu said that it generated $1.9 million of revenue from smartphone games during Q2, with the in-app payments and ads accounting for 16% of that - around $304,000.
Glu says that 300,000 users are playing its iPhone games daily.
