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Glu Mobile, Inc. (GLUU) Posts Narrower-than-Expected Q2 Loss of 2c/Share; Will Acquire Cie Games

July 30, 2014 4:12 PM

Glu Mobile, Inc. (NASDAQ: GLUU) reported Q2 EPS of ($0.02), $0.02 better than the analyst estimate of ($0.04). Revenue for the quarter came in at $40.9 million versus the consensus estimate of $33.24 million.

The company signed definitive agreement to acquire Cie Games, owner and operator of the current top grossing racing game on the App Store and Google Play in the U.S., Racing Rivals

“Our second quarter results were boosted by the continued strength of Deer Hunter 2014 and Eternity Warriors 3 in addition to the exceptional early performance of Kim Kardashian: Hollywood,” stated Niccolo de Masi, Chief Executive Officer of Glu. “Kim Kardashian: Hollywood has broken Glu single-day revenue and sustained ARPDAU records, while Dino Hunter: Deadly Shores, has achieved a Glu single-day download record. These two titles simultaneously achieved the #1 and #3 chart positions on the U.S. App Store Top Free for iPhone. As a result of these titles’ momentum, we now expect company record non-GAAP revenue and adjusted EBITDA in Q3. In addition, we are substantially increasing guidance for both the top and bottom line for the full year 2014.”

De Masi continued, “Through our pending acquisition of Cie Games, we are also pleased that we will be adding the current #1 grossing racing game on the App Store and Google Play in the U.S. to the Glu family. With more than 100 million lifetime installs across all of Cie’s games, we are excited at the prospect of adding Racing Rivals and its team’s racing expertise to our strong portfolio.”

For earnings history and earnings-related data on Glu Mobile, Inc. (GLUU) click here.

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