Glu Mobile's revenue was up 31 per cent year-on-year in 2020 as it generated $540.5 million.

Moreover, its total bookings reached a record $560.6 million for the year, a rise of 32 per cent year-on-year.

"Our financial results reflect the tremendous progress we made throughout the year in effectively scaling our business to increase profitability and meaningfully expand our adjusted EBITDA margin," said Glu CRO and COO Eric R. Ludwig.

"We reached a milestone with record profitability and operating margin on a GAAP basis for the fourth quarter and full-year 2020. Our key operating metrics – player conversion, engagement and monetization reflect the initiatives we have put in place to optimize our user acquisition and marketing spend.

"Our debt-free balance sheet remains in excellent shape with $364 million in cash."

Fourth-quarter

In Q4 2020, the Design Home creator generated $141.4 million in revenue, which represents an increase of 25 per cent year-over-year. Meanwhile, bookings grew by 15 per cent to $124.8 million.

Glu Mobile has attributed its success to a variety of its games, including Kim Kardashian: Hollywood and Disney Sorcerer's Arena, the latter of which was released in March 2020.

"Our fourth-quarter results capped off another strong year for Glu," said Glu CEO Nick Earl.

"The performance of our Growth Games and the resurgence of Kim Kardashian: Hollywood coupled with a strong contribution from the title we launched during the year, Disney Sorcerer's Arena, drove a 32 per cent year over year increase in bookings in 2020.

"The operating initiatives we put in place to improve productivity and scale our business took hold in the second half of 2020, resulting in a significant increase in profitability and increased margin expansion."

Recently, Electronic Arts came to an agreement with Glu to acquire the mobile games specialist in a deal worth $2.1 billion.