Despite the slow decline of its revenues as it switches from a carrier-based model to a smartphone freemium model, Glu Mobile seems fairly bullish about the future.

During its Q3 2010 analyst earning call - in which it posted revenues down 21 percent to $15.5 million, and another net loss - the company broke out some numbers about how its new business was growing.

To-date, its games have been installed around 32 million times on smartphones.

Its latest title, Gun Bros was downloaded over 490,000 times within the first week, while Toyshop Adventures, which went live on October 20, has been downloaded over 680,000 times.

Planning for the future

Four more freemium titles will be launching during 2010, which will first come to iPhone, and then follow on iPad and Android. CEO Niccolo De Masi said that in 2011, the company expected it would be able to launch games simultaneously on iPhone and iPad.

In addition, Glu games will be supported by multiple social networks, including Apple's Game Center, Facebook and OpenFeint.

"We anticipate adding support for additional social networks in the future," he added.

Small numbers

However, in terms of generating revenue, things still seem difficult.

For the three months ending September 30, only 15 percent of Glu's revenue came from smartphones, of which a quarter came from micro transactions and in-game advertising. This was around $590,000.

During the quarter, Glu did 491,000 micro transaction billable events, up 67 percent from the previous quarter, and had 4.2 million monthly active users, up from 3.7 million three months previously.

Clearly, those numbers are going to have to increase more then 10-fold soon to kickstart the company's business back into profit.

[source: Seeking Alpha]