Glu's shares have received something of a buffeting in recent months, and they fell a further 6.3 per cent on Friday following an analyst note from Soleil Securities Group's Todd Rethemeier.
It suggested Glu's revenues for this quarter may fall short of expectations if its Speed Racer game doesn't sell well. "Unfortunately, the movie did not live up to expectations, bringing in only $42 million at the box office," he wrote.
"Although the game is still entertaining to play (it is a simple race car driving game), we don't think that many people were excited to download a game based on a movie that they didn't see."
Glu hasn't commented in response, although in a recent interview with PocketGamer.biz CEO Greg Ballard defended the company's strategy of signing up big movie licences, suggesting that the potential rewards when a film is popular outweigh the risks of licensing a flop film.
However, all eyes will be on Glu's next set of quarterly results, while the publisher will be nervously hoping The Dark Knight performs better at the box office.
In fairness, Rethemeier also raised his estimate of Glu's 2008 revenues from $84 million to $97 million, and predicted good sales for The Dark Knight and Get Cookin'. However, he also now predicts a per-share loss of 64 cents for the year, up from his previous estimate of 36 cents per share.
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