Glu Mobile registers another quarter of losses while waiting for takeoff in the App Store

9:54 AM Edited by Blony

While most companies are just showing their results in the last quarter of 2008, the company develops video games for mobile Glu Mobile just show the data for the first quarter of this year (until March 31, 2009) as it did Gameloft.

For that period had revenues of 20.8 million dollars representing a growth of only 1 percent compared to 20.6 million in the same quarter of 2008. Then, the company's net loss was U.S. $ 5.8 million (1 million, which will be taking extraordinary income and expenses) compared to 6 million lost in Q1 2008.

Glu Mobile ended the quarter with approximately 14.7 million dollars in cash and a total of $ 4.5 million of its outstanding line of credit.

With these results in hand, the CEO Greg Ballard said: "We achieved solid progress in our strategy for next generation devices, now offered in eight games for the iPhone and 29 games for the BlackBerry World App. It is important in the same way, we expand our global agreement with Activision, which will bring top level 5 titles to mobile platforms this year. "

In a conference, the CEO of Glu Mobile said that at first the sales were promising, but the company still is not seeing significant gains in the App Store, in part because it lowered prices to establish the brand.

Via PocketGamer