Glu Mobile forecasts weak first-quarter results; shares fall

Reuters News
Posted: Feb 05, 2013 4:56 PM

(Reuters) - Mobile games maker Glu Mobile Inc reported better-than-expected fourth-quarter results but forecast current-quarter below analysts' expectations, sending its shares down 3 percent.

The company expects a loss of between 6 cents and 8 cents per share on revenue of $17 million to $18.5 million for the current quarter.

Analysts on average were looking for a loss of 3 cents per share on revenue of $21.9 million, according to Thomson Reuters I/B/E/S.

Net loss narrowed to $7.1 million, or 11 cents per share, for the fourth quarter from $9.8 million, or 16 cents per share, a year earlier.

Excluding items, loss was 5 cents per share.

Analysts had expected a loss of 7 cents per share.

Revenue increased 4 percent to $21 million, above the $20 million analysts had expected.

Shares of the company were down at $2.05 in extended trade, after closing at $2.12 on the Nasdaq on Tuesday. The stock closed nearly 5 percent lower in regular trade.

(Reporting By Aditya Kondalamahanty in Bangalore; Editing by Sriraj Kalluvila)