Glu Mobile (GLUU) Begins Headcount Reduction; Sees About $950K in Max Charges
Tweet Send to a FriendGet Alerts GLUU Hot Sheet
Price: $2.70 --0%
Financial Fact:
Total cost of revenues: 3.06M
Today's EPS Names:
SMRT, SHLO, TAOM, More
Financial Fact:
Total cost of revenues: 3.06M
Today's EPS Names:
SMRT, SHLO, TAOM, More
Trade GLUU Now!
On November 9, 2012, Glu Mobile Inc. (Nasdaq: GLUU) began notifying certain of its employees that their employment would be terminated as a result of Glu’s plans to (a) reduce the number of employees in its development studios in Kirkland, Washington and San Francisco, California and (b) close its development studio in Sao Paolo, Brazil. Glu undertook the restructuring to better align its operating expenses with its current business strategy. Glu expects to complete the restructuring no later than June 30, 2013.
Glu expects to incur total cash charges, on a pre-tax basis, of (a) approximately $675,000 to $725,000 in the fourth quarter of 2012, all of which are related to employee severance costs, and (b) approximately $175,000 to $225,000 in the first half of 2013, of which $75,000 to $100,000 are related to Brazilian employee severance costs and $100,000 to $125,000 are related to costs associated with exiting the Sao Paolo, Brazil facility.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Glu expects to incur total cash charges, on a pre-tax basis, of (a) approximately $675,000 to $725,000 in the fourth quarter of 2012, all of which are related to employee severance costs, and (b) approximately $175,000 to $225,000 in the first half of 2013, of which $75,000 to $100,000 are related to Brazilian employee severance costs and $100,000 to $125,000 are related to costs associated with exiting the Sao Paolo, Brazil facility.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Ford Motor (F) Will Ramp Production, Halves Two-Week Plant Idling
- Signet Jewelers (SIG) Tops Q1 EPS Views; Comsp Up 6.4%; Guides Q2 EPS
- Hewlett-Packard Company (HPQ) Tops Q2 EPS by 6c as Sales Slide 10%
Create E-mail Alert Related Categories
Corporate News, Guidance
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
