Glu Mobile sees Q3 FY13 sales down 17% to $21.7 million

But sentiment boosted by Deer Hunter 2014's success

Glu Mobile sees Q3 FY13 sales down 17% to $21.7 million

Glu Mobile (NASDAQ: GLUU) has announced its Q3 FY13 financials, for the three months ending 30 September 2013.

Revenues were $21.7 million, down 17 percent year-on-year.

The company made a net loss of $8 million, compared to a loss of $3.6 million 12 months ago.

In addition, Glu used $5.9 million from its reserves to fund operations during the quarter, compared to a total of $2.9 million during Q3 2012.

Taking aim

However, CEO Niccolo de Masi was upbeat.

The reason for this was the performance of Deer Hunter 2014, which has set download, DAU and single-day revenue records for the company.

It's the first game to launch using Glu's new GluOn social layer; a result of its acquisition of GameSpy Technologies in 2012.

During the quarter, Glu also raised a net amount of $14 million from a rights issue, expanded its operations in Asia, and published two thirdparty-developed titles.

Looking up

"Our third quarter results were boosted by the exceptional early performance of Deer Hunter 2014," stated de Masi.

"As a result of this title's momentum, we now expect record topline non-GAAP revenue and adjusted EBITDA profitability in Q4."

Glu ended the quarter with cash and equivalents worth $27.7 million, up $5.3 million on three months ago.

[source: Glu IR]

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