Glu Mobile (NASDAQ: GLUU) has announced its financials for Q1 FY16, the 3 months ending 31 March 2016.

GAAP revenue was $54.5 million, down 22% year-on-year and down 11% quarter-on-quarter.

The company made a loss of $8.6 million, compared to a profit of $1.1 million 12 months ago.

Using $11.8 million of its cashflow during the period, Glu ended the quarter with $159 million in cash and equivalents.

That's down compared to the $181 million it had banked at the end of 2015.

A tale of celebrity

During the quarter, Glu released Kardashian tie-in Kendall and Kylie, which launched well, and has racked up 10 million downloads, but has since dropped out of key top 100 grossing charts.

During the quarter, it generated $8.6 million in non-GAAP revenue.

(NB: The difference between GAAP and non-GAAP revenue concerns when IAPs are bought and the virtual goods or currency actually consumed.)

However, Glu top grossing game remains Kim Kardashian: Hollywood - which despite being in decline - generated $11.7 million in Q1.

And, somewhat surprisingly, Cooking Dash 2016 made $9 million, making it Glu's #2 game. 

Restructuring

In order to deal with the situation, Glu has been cutting jobs in high cost locations - 100 to-date - and hiring in lower cost countries.

For example, it's concentrated development of all its shooter games into one studio. 

"During the quarter, our new studio leadership team implemented a number of operational improvements which we expect to enhance our product delivery as well as to reduce the run-rate revenue required for Glu to breakeven," said CEO Niccolo de Masi.

"The combination of the new studio label system, along with a strong line-up of new titles, including Britney Spears: American Dream and Gordon Ramsay: Dash, positions Glu for growth during the second half of 2016 and beyond.

[source: Glu Mobile]