Glu Mobile announced earnings for Q4 2010 today, with $15.6 million in GAAP revenue for the quarter. This is down from $19.1 million in GAAP revenue in Q4 2009. Glu Mobile’s total GAAP revenue for fiscal 2010 was $64.3 million, down from $79.3 million from fiscal 2009. Non-GAAP revenue for the quarter was $15.5 million, down from non-GAAP revenue of $19.4 million in Q4 2009. Glu’s GAAP operating loss for Q4 was $5.1 million, down from a $6.7 million loss in 2009. Total fiscal 2010 GAAP losses were $11.4 million, down from $14.9 million for fiscal 2009.
“We are pleased with our solid fourth quarter results, reflecting the progress we are making with our freemium, social mobile games strategy,” stated Niccolo de Masi, CEO of Glu Mobile, in a press statement. “Looking forward, we believe that the combination of scale, global cross-platform reach, industry-leading expertise and improved capital structure will enable us to consolidate on our momentum. We anticipate launching approximately 20 to 25 new social, persistent titles this year on our Glu Games Network distribution platform and community.”
Non-GAAP losses for Q4 were $1.3 million, down from $3.9 million from Q4 2009. Non-GAAP losses for fiscal 2010 were only $1.7 million, down from $1.9 million in fiscal 2009. Glu’s fiscal 2010 non-GAAP operating losses included changed in deferred revenue and royalty expenses, stock-based compensation expenses, MIG earnout expenses, amortization of intangible assets and restructuring charges. Glu Mobile launched five new freemium mobile titles in Q4 2010. These games generated a total of 18 million new installs and drew 12.1 million monthly active users.
Glu Mobile generated $3.1 million in GAAP revenue from smartphone games, which is up 29% quarter-over-quarter and accounted for 20% of total revenue. Non-GAAP smartphone revenues were $3.4 million. Non-GAAP freemium revenue, generated through in-game microtransactions, grew 128% quarter-over-quarter to $1.3 million. During the quarter Glu Mobile announced a strategic partnership with NVIDIA to developer games for Android handsets running Tegra chipsets. The company also raised $15.9 million through sale of common stock and launched its social game Gun Bros on Facebook, Hi5, and WildTangent.
Gun Bros with Google in-app purchases will become available in the Android Marketplace in Q1 2011. Glu plans to launch a Glu Games Network soon that will let it distribute third-party mobile social games. Glu Mobile’s cash flow for fiscal 2010 was $2.2 million, up from $1.1 million in fiscal 2009. Glu Mobile forecasts GAAP revenue of $13.7 million to $14.2 million for Q1 2011. Glu anticipates smartphone revenue for the quarter to be between $3.8 million and $4.2 million. For Q1 2011, Glu Mobile anticipates a GAAP operating loss between $5.1 and $5.5 million. Non-GAAP operating loss is expected to be between $3.1 million and $3.5 million.
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