What: Shares of mobile game maker Glu Mobile (GLUU) have jumped today, up by 29% as of 11:52 a.m. ET, after the company reported better-than-expected earnings.
So what: Adjusted revenue in the fourth quarter came in at $57.9 million, topping the consensus estimate of $50.5 million. Adjusted net income for the quarter was $2.3 million, or $0.02 per share, while the market was expecting a net loss of $0.03 per share. Glu also continues to double down on its strategy of partnering with celebrities for its games, and it scored a big one this time.
Now what: Glu announced an exclusive multiyear partnership with Taylor Swift. The mobile game maker also said it inked a deal with Gordon Ramsay, but Swift is the real headliner here, given her more than 220 million followers on social media platforms. This is in part why Glu is expecting a good 2016. Guidance for 2016 calls for adjusted revenue in the range of $250 million to $275 million. Glu also announced a share repurchase program with a $50 million authorization.
