Glu Mobile sees Q3 FY13 sales down 17% to $21.7 million
But sentiment boosted by Deer Hunter 2014's success
Glu Mobile (NASDAQ: GLUU) has announced its Q3 FY13 financials, for the three months ending 30 September 2013.
Revenues were $21.7 million, down 17 percent year-on-year.
The company made a net loss of $8 million, compared to a loss of $3.6 million 12 months ago.
In addition, Glu used $5.9 million from its reserves to fund operations during the quarter, compared to a total of $2.9 million during Q3 2012.
Taking aimHowever, CEO Niccolo de Masi was upbeat.
The reason for this was the performance of Deer Hunter 2014, which has set download, DAU and single-day revenue records for the company.
It's the first game to launch using Glu's new GluOn social layer; a result of its acquisition of GameSpy Technologies in 2012.
During the quarter, Glu also raised a net amount of $14 million from a rights issue, expanded its operations in Asia, and published two thirdparty-developed titles.
Looking up"Our third quarter results were boosted by the exceptional early performance of Deer Hunter 2014," stated de Masi.
"As a result of this title's momentum, we now expect record topline non-GAAP revenue and adjusted EBITDA profitability in Q4."
Glu ended the quarter with cash and equivalents worth $27.7 million, up $5.3 million on three months ago.
[source: Glu IR]
