US mobile games publisher in bullish mood, though losses widen in 2Q08.
Glu Mobile has reported second quarter consolidated revenue of $23.7 million, up 45 per cent from $16.4 million in 2Q07.Its GAAP net loss for the period widened to $6.6 million from $898,000 a year earlier. This was attributed in part to ongoing costs relating to the acquisitions of Superscape and MIG earlier this year.
Other standouts from the 2Q08 earnings include the fact that Glu's top ten titles represented approximately 32 per cent of revenue, compared to 43 per cent in 1Q08.
The average revenue per top ten title was $752,000, down 14 per cent from the second quarter of 2007.
New titles released in the second quarter of 2008 included Mystery Case Files: Agent X, Speed Racer and Wedding Dash, as well as original titles from Glu such as Super Slam Ping Pong and Get Cookin’.
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Greg Ballard, president and CEO of Glu, said: “We achieved record revenue driven by solid results in parts of Europe and better than expected performance in China, despite a softening in the US market. New partnerships with Activision, Sony Pictures Television International, Sega and FremantleMedia Enterprises contribute to our exciting second half lineup, which will be our most active publishing period ever.”
Most of the publicly-listed publishers have now released latest quarter financials, with revenues coming in at $44m for EA Mobile, $40m for Gameloft, the aforementioned $23.7m for Glu and $5.1m for THQ Wireless.
