Glu Mobile Inc. (NASDAQ: GLUU) missed market expectations for revenue and earnings in the second quarter of 2019, sending the stock crashing 23% during aftermarket hours on Thursday. The consensus estimate was for earnings of $0.05 per share on revenue of $101.6 million.
Total revenue grew 6% year-over-year to $95.5 million. Total bookings grew 3% to $101.9 million.
The company reported net income of $2.5 million, or $0.02 per share, compared to a net loss of $4.4 million, or $0.03 per share, last year.
Glu had 3.2 million daily active users and 19.1 million monthly active users. Average bookings per billable transaction totaled $6.67. Total ad bookings amounted to $12.9 million and ad revenues comprised 13% of total bookings.
During the quarter, the company launched WWE Universe and Diner DASH Adventures globally. Bookings in Growth Games, Design Home and Covet Fashion saw double digit growth.
Eric R. Ludwig, CFO, said, “We revised our annual guidance primarily to reflect the timing of new launches, contribution from newly launched titles and incremental UA investment to take advantage of favorable ROI opportunities. The 3-phase plan we laid out in early 2017 is still firmly in place and we are committed to our strategy of developing Growth Games that can stack bookings and deliver growing profits over time.”
For the third quarter of 2019, Glu expects bookings of $110-112 million. For the fourth quarter of 2019, the company expects bookings of $101.5-103.5 million. For the full year of 2019, bookings are expected to be $406-410 million.
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