Glu Mobile (NASDAQ:GLUU) has announced its Q1 FY13 financials, for the three months ending 31 March 2013.

Revenue was $19.1 million, down 11 percent year-on-year.

The company made a loss of $5.5 million, only slightly better than the $6 million loss it posted in Q1 FY12.

This was also reflected in the company's cash flow. It required $3.7 million from its reserves to fund operations during the quarter.

Some out, some in

One result is Glu has undergone another round of restructuring.

Around 12 percent of the development workforce will be laid off; some 67 employees.

This will cost the company between $650,000 to $750,000 in Q2.

Glu boosted its development headcount significantly in 2011, with the acquisition of the 200-strong Griptonite studio in Kirkland, Washington.

However, it still expects to slightly grow headcount during the second half of 2013.

It's specifically looking for specialists in monetisation, live operations, server technology, user experience and product management.

"We made over 20 new Game-as-a-Service hires in Q1 and anticipate hiring at a similar rate throughout the year," the company said in a statement.

"Management believes concentrating resources on fewer titles, with a greater centralised support infrastructure will accelerate revenue growth in Q4 2013 and beyond."

Betting on the future

In terms of good news, Glu announced two new games Dragon Storm and Heroes of Destiny had set new records in terms of average revenue per daily active user.

It's continuing to work on its third-party publishing with three titles signed for release in 2013. Chris Akhavan has been hired as president of publishing to focus this activity.

Finally, Glu announced that it's pleased with the performance of its first real-money gambling release Samurai vs. Zombies Defense Slots.

And it's just released its second title Contract Killer Slots with UK gambling outfit Probability.

Curate's egg

"We were pleased with the monetisation milestones delivered during the quarter in a number of both new and existing titles," stated Niccolo de Masi, Glu's CEO.

"We anticipate further monetisation and retention traction as we continue to evolve our studio and begin to launch true games-as-a-service."

"We had a solid first quarter performance which was driven by the combination of our new title launches and continuing traction with our sequels," added CFO Eric R. Ludwig.

"While our second quarter guidance reflects a light title launch schedule, we remain in position to benefit during the second half of the year from new title launches, increasing monetisation trends and progress from Glu Publishing.

Glu expects to make a non-GAAP loss of between $4.2 - $5.1 million in Q2 on revenue of between $84 - $88.5 million.

The company ended the quarter with $21.2 million in cash and equivalents, and expects to finish 2013 with around $14 million in cash.

[source: Glu IR]