Mobile games publisher Glu Mobile Inc. reported improvements in both revenues and earnings for the first quarter, news that appeared to please the company’s investors. Glu’s stock was up almost 2% after the news to around $11.67 per share.
Glu reported revenue of $15.7 million for the first quarter, nearly double revenues of $8.1 million during the first quarter of 2006.
Net loss for the quarter totaled $764,000, an improvement from a loss of $3.5 million reported during the first quarter of last year.
Glu said its average revenue per top-10 title was $890,000 during the quarter. The company noted its top 10 titles accounted for 57% of its first-quarter revenue.
Glu completed its initial public offering during the quarter, generating net proceeds of $75 million.
The company expects revenues of between $16.1 million and $16.6 million for the second quarter and a net loss of between $1 million and $1.5 million.
Glu shows financial gains following IPO
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