Californian free-to-play developer Glu Mobile has returned to profit after generating a net income of $8.9 million across 2019.
This information was revealed via the company’s financial results for its fourth quarter ended December 31st, 2019.
In terms of revenue, Glu made $112.9 million across the period, up 18 per cent year-over-year, while bookings grew by 10 per cent to $108.4 million. Overall for 2019, revenue increased by 12 per cent to $411.4 million and bookings reached $423.3 million, up 10 per cent over the previous year.
Glu has put its financial success down to the record bookings accumulated from several of its games that achieved their best fourth quarter ever, including Design Home, Tap Sports Baseball and Covet Fashion. It also teased a third game from Crowdstar, which it is likely banking on for further growth in the next year.
"We hit a major company milestone with record adjusted EBITDA and record GAAP profitability for the full year," said Glu chief executive officer Nick Earl.
"Additionally, 2019 marked our highest ever bookings year and the third straight year of double-digit year-over-year growth reflecting the continued strength and sustainability of our Growth Games strategy."
Glu showed strong signs of recovery at the start of the year when it posted $700k in net income from Q1 2019, something that took the company a few years to achieve after posting losses of $7.2 million in 2018.
Following this, Tencent sold $56 million worth of Glu Mobile shares and reduced its stake in the US developer.