Glu Mobile forecasts losses in the next quarter

Glu Mobile has published the results of the 3rd quarter of 2015. The company has completed the period relatively successfully, but expects that the situation will worsen in the future. This became known from her financial report.

Glu Mobile’s revenue (non-GAAP) in the 3rd quarter of 2015 amounted to $64.4 million. This is more than in the second quarter of 2015 – then the company earned $ 56.2 million. However, it is less than in the same period of the previous year, when the company’s revenue amounted to $83.6 million.

Representatives of Glu Mobile report that they expect a decline in indicators in the next quarter. Revenue (non-GAAP) will be $50 million. Niccolo De Masi, the company’s president, did not say what caused such forecasts, but said that the company would cancel annual bonuses to employees.

Note that this information caused a decrease in the value of the studio’s shares.

De Masi also said that Glu Mobile has already signed contracts with celebrities whose total number of subscribers in social networks is 1 billion. Earlier it was reported that the company hopes to achieve such results by 2020.

In addition, it became known that the company will receive a new employee in the management team. Nick Earl, former vice president of mobile and social divisions of Electronic Arts, will become President of Global Development (President of Global Studios) at Glu Mobile.

A source: http://phx.corporate-ir.net