What: Shares of mobile game maker Glu Mobile (NASDAQ: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.
Evan Niu, CFA has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.