What: Shares of mobile game maker Glu Mobile (NASDAQ:GLUU) plummeted 20% today after the company reported fiscal-second-quarter results last night with guidance that left a lot to be desired.
So what: Non-GAAP revenue came in at $57.5 million, an increase of 64% compared to a year ago, and adjusted EBITDA was $1.7 million. Both figures "significantly" topped the company's guidance. Adjusted net income came in at $1.8 million, or $0.01 per share. Investors were expecting the company to lose $0.04 per share.
Now what: The real kicker was guidance. Glu expects fiscal-third-quarter revenue to be in the range of $58 million to $60 million, which is well below the consensus estimate of nearly $74 million in sales in the current quarter. The bottom line is forecast at a net loss of $0.02 per share to breakeven, while analysts were modeling for $0.08 per share in adjusted profits. Following the hit Kim Kardashian: Hollywood, Glu is now partnering with additional celebrities, announcing deals with Nicki Minaj and Jason Statham.