Glu Mobile (NASDAQ:GLUU) has released its financials for its Q4 FY16 for the three months ending December 31st 2016.
It posted revenues for the quarter of $46.3 million, down 24.1% year-on-year. It also saw a net loss of $17.2 million, around $14 million more than in 2015.
For the year, Glu generated $200.5 million in revenue, down 19.7% year-on-year. Its net loss for the year was $87.4 million, $80 million more than 2015.
Despite a downturn in revenues, Glu still exceeded bookings expectations for the quarter thanks to its acquisition of developer Crowdstar. It's a deal that looks as though it's already paying off for the publisher.
Drawing a crowd
"Our ability to exceed fourth quarter bookings expectations was primarily driven by the strong Design Home launch and the continued traction with Covet Fashion, both of which were related to the recent Crowdstar acquisition," said Nick Earl, Chief Executive Officer of Glu.
"During the quarter, we also benefitted from the ongoing success of our evergreen titles Cooking Dash 2016, Gordon Ramsay DASH, Kim Kardashian: Hollywood, Tap Sports Baseball 2016 and Deer Hunter 2016."
Looking ahead to 2017, Glu is planning more hires and changes to its management teams in order to grow the business. It will also continue to focus on its evergreen titles in hopes this will stabilise its revenues.