Glu posts "solid" quarter
Revenues up 43 per cent, losses cut significantly
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Mobile games publisher Glu Mobile has announced an improving set of financial results for its second fiscal quarter of 2007.
While revenues rose year on year by 43 per cent to USD 16.4 million, GAAP losses were cut from USD 2.7 million to USD 898,000 in the same period.
Analyst Todd Greenwald called the results "solid" but pointed to the loss of HASBRO's Monopoly license as a "risk of overdependence on licensed content."
As a result NCP has downgraded its estimate of Glu's annual revenue for the full financial year from USD 102 million to USD 98 million, and the share price from USD 14 to USD 12, but retained its neutral rating.