Glu Mobile posts narrower loss, lower revenue in 1st quarter; waiting for games in 4th quarter

Glu Mobile narrows 1Q loss, revenue falls 17 pct

SAN MATEO, Calif. — Mobile game publisher Glu Mobile Inc. said Tuesday it narrowed its loss in the first quarter, but its revenue fell and it expects the slowness to continue through the third quarter.

For January through March, Glu said its net loss was $3.7 million, or 12 cents per share. A year ago, the company lost $5.8 million, or 19 cents per share.

Excluding stock options expenses, the effect of foreign exchange rates and other one-time items, Glu said its net loss shrank to $977,000, or 3 cents per share.

Revenue fell 17 percent to $17.3 million from $20.8 million in the period last year.

In a statement, the company said it is shifting to fewer, larger game titles, and that switch is expected to limit smart phone game revenue for the next two quarters. Glu said it expects to launch several new game series and see “increasing momentum” in the fourth quarter of 2010.

For the current quarter, which ends June 30, Glu expects to report an adjusted loss of $2.5 million to $2.8 million, or 8 cents to 9 cents per share, on revenue between $13.6 million and $14 million.