Glu Mobile's stock drops as results, outlook fall short
Glu Mobile Inc. shares dropped in the extended session Monday after the mobile game developer's forecast bookings were short of Wall Street expectations. Glu shares fell 11% after hours, following a 2.8% gain to close the regular session at $10.20. Glu expects bookings of $88 million to $90 million in the first quarter, and $435 million to $445 million for the year. Analysts surveyed by FactSet had forecast on bookings of $93.5 million for the first quarter, and $443.5 million for the year. The company reported a fourth-quarter loss of $1.3 million, or 1 cent a share, compared with a loss of $39.6 million, or 29 cents a share, in the year-ago period. Revenue rose to $95.6 million from $80.2 million in the year-ago quarter. Bookings rose to $98.2 million from $83.2 million in the year-ago period. Analysts had forecast unadjusted earnings of 1 cent a share on revenue of $96.1 million, and bookings of $96.3 million. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.