Glu Mobile (NASDAQ:GLUU) rises 22.72% in early trading session following its beat on top and bottom lines in Q3 report, with bookings well above expectations and raised guidance.
Record revenue of $158.5M (+48.0% Y/Y) beats consensus by $21.26M.
Bookings grew 22%Y/Y to $147.3M vs. consensus bookings estimate of $137.4M. The growth was primarily driven by a 13% increase in three growth games- Design Home (+15%), Covet Fashion (+30%), and Kim Kardashian Hollywood (+170%).
It marks the transformational shift to digital consumption and online gaming amid the pandemic led lockdown scenario.
Gross margin at 63.9% vs. 64.7% a year ago.
“We followed up a very strong second quarter with a better-than-expected third quarter that saw year-over-year bookings growth of 22% led by the continued strong performance of our Growth Games,” says CEO Nick Earl.
Reported net income of $13.4M or $0.07/share, beats by $0.06/share.
In the new titles streak, the company introduced a food and décor based game, Table & Taste, that will be the third title launched by the Crowdstar studio.
“Table & Taste, which will serve the culinary category and complement our Crowdstar brand perfectly with a larger and more diverse addressable user base,” says Earl.
