$1.6m loss for Glu, up from $4m last year

Publisher Glu Mobile has posted a $1.6 million net loss for its third fiscal quarter.

At the same time last year, the company was $4.0 million in the red. Revenues were down however, at $15.5 million for the quarter ending September 30 against 2009's $19.6 million.

"We are confident that our new product strategy will gain traction in the coming quarters, as we continue to make progress in repositioning the business," said Niccolo de Masi, Glu CEO.

"During the third quarter, we were able to sequentially grow smartphone revenues by 12%, micro-transactions and in-game advertising by 98% as well as monthly active users by 15%.

"With our goal of launching five to six new social, persistent titles every quarter beginning in the fourth quarter of 2010, I am cautiously optimistic that our smartphone and tablet revenue growth will accelerate in 2011."

Glu predicted a $3 million loss for its fourth financial quarter, not including additional costs of $2.3 million for relocation and restructuring, with the latter involving redundancies in its European, Middle Eastern and African premises.

Estimates for the full fiscal year, ending December 31, put revenue at $63 million and net loss at $5.4 to $5.7 million.