What happened
Mobile-gaming company Glu Mobile (GLUU) saw its stock jump sharply on Friday. By market close, shares rose 14.5%.
The gaming-stock's gain follows a solid first-quarter earnings report, which featured top-line revenue growth that crushed analyst expectations.
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So what
Glu Mobile's revenue jumped 12% year over year to $107.3 million, easily surpassing analysts' average forecast for revenue of $96.4 million. Earnings per share, however, worsened from breakeven in the year-ago period to a loss of $0.06 as the company invested in user acquisition.
Bookings for the quarter were up 15% year over year to $106.5 million.
Management said the company is benefiting from a "shelter-in-place environment" from COVID-19.
Now what
For the company's second quarter, management said it expects bookings to be between $150 million and $155 million.
For the full year, management raised its bookings guidance. The company was previously expecting bookings between $423 million and $433 million in 2020. Now, Glu Mobile is guiding for between $490 million and $500 million in 2020 bookings.
