For the fourth quarter of 2018, the company had projected bookings to be in the range of $94.3 million to $96.3 million. For full-year 2018, Glu Mobile lifted its bookings outlook and set the range as $380.7 million to $382.7 million.
The San Francisco, California-based company is expected to continue its strong performance for the fourth quarter, which will be driven by the strength in Growth titles. The first nine months of 2018 benefitted from the strong performance of the games, namely Design Home, Covet Fashion and Tap Sports Baseball.
In 2019, Glu Mobile is expected to release new games like WWE: Universe and Diner Dash Town.
As smartphone users are growing rapidly, mobile gaming is also expected to grow in the coming years. According to Goldstein Research, the global mobile gaming market is forecast to grow at a CAGR of 5.4% during 2016-2024. The market is likely to reach $56.2 billion by the end of forecast period.
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In 2018, Glu Mobile stock soared 122% and the stock closed the Friday’s trading session at $9.92, up 1.85%.
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