Glu Mobile narrows Q1 loss to $3.7 million

Mobile games publisher Glu Mobile reported first quarter revenues of $17.3 million, down 17 percent from $20.8 million in Q1 2009--the firm said net losses totaled $3.7 million, or 12 cents per share, compared to year-ago losses of $5.8 million, or 19 cents per share. Speaking on Glu's Q1 earnings call, CFO Eric Ludwig said revenues from smartphones slipped to $1.53 million, down quarter-over-quarter but up 280 percent year-over-year--in-game ads and micro-transactions generated 9 percent of smartphone revenues. Ludwig added that Glu's top 10 titles accounted for 46 percent of revenue, up from 32 percent in Q4 2009--average revenues among top 10 titles reached $791,000 in Q1, up from $610,000 in the previous quartet and $658,000 during the same period a year ago. North America accounts for 52 percent of Glu revenues--EMEA represents 27 percent, and the rest of the world makes up the remaining 21 percent.

Glu CEO Niccolo de Masi said the company's iPhone downloads have now exceeded 30 million (22 million excluding updates), with its total monthly unique iPhone user base averaging more than 8 million in Q1. Looking forward, de Masi said Glu intends to grow its smartphone market share over the next 18 months, "expanding the pace with which we launch and operate our new products beginning in Q4 2010." He added that Glu's R&D, sales, game operations and product functions units will begin reporting to him directly, with the company also looking to add to its game operations and product function staffs by the end of the current quarter. "We are also actively looking to strengthen our game designing teams by adding new members to the Glu family who have a proven track record of generating successful and lasting original IP franchises," de Masi said.

For more on Glu Mobile's Q1 results:
- read this release
- get a complete look at Q1 earnings here

Related articles:
Glu Mobile names Niccolo de Masi president and CEO
Glu strikes up the band for Guitar Hero 5 Mobile
Glu Mobile acquires Chinese gaming firm MIG