Needham & Company Maintains a 'Strong Buy' on Glu Mobile (GLUU); Second Half Profits Seen Skewed

August 3, 2012 9:35 AM EDT Send to a Friend
Get Alerts GLUU Hot Sheet
Price: $7.22 -1.63%

Rating Summary:
    11 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
Trade GLUU Now!
Join SI Premium – FREE
Needham & Company maintains a 'Strong Buy' on Glu Mobile (NASDAQ: GLUU) price target of $8.00.

Analyst, Sean McGowan, said, "GLUU reported 2Q earnings in line with preliminary results announced last week. (All figures are in non-GAAP unless otherwise noted) Revenues rose 35% YoY to $24.2mm and smartphone revenues grew 111% to $20.4mm. GM expanded 1040 bps to 91.4% of sales thanks to an increasing portion of internally developed IP. EPS were breakeven for 2Q with an EBITDA of $0.02 per share. GLUU announced the acquisition of GameSpy, a cross-platform technology company, which management expects will help future revenues. We have left our 2012 EPS estimate at breakeven, but we have raised our loss estimate for 3Q, offset by a higher profit estimate for 4Q." (FY13 EPS estimate cut from $0.16 to $0.12)

For an analyst ratings summary and ratings history on Glu Mobile click here. For more ratings news on Glu Mobile click here.

Shares of Glu Mobile closed at $4.66 yesterday.




You May Also Be Interested In


Related Categories

Analyst Comments, Analyst EPS Change, Analyst EPS View

Related Entities

Needham & Company, Earnings

Add Your Comment