Glu Mobile (NASDAQ:GLUU) hit a new 52-week high today of $2.75 per share on heavy volume after announcing significant traction for its first two social mobile games. In mid-day trading, shares of Glu Mobile were up 15 percent at $2.57 per share on volume of nearly 1.3 million shares compared to its average daily volume of only 128,000 shares. Glu Mobile has a market cap of $79 million and a 52-week range between $0.85 and $2.75 per share.
Glu Mobile, a leading global publisher of social games for smartphone and tablet devices, today announced strong early momentum for its first social mobile games: Gun Bros and Toyshop Adventures. In a matter of weeks, Gun Bros and Toyshop Adventures have each generated more than 1M downloads from the App Store.
“We are thrilled with the reception to our first social mobile games. We expect to release five to six new social mobile titles every quarter on smartphones and tablets to satisfy mobile gamers appetite for quality, innovative gameplay and social mobile games,” stated Niccolo De Masi, Chief Executive Officer, Glu.
Highlighting Q4 results to date, Gun Bros is currently averaging more than 100,000 daily active users while Toyshop Adventures is currently averaging more than 70,000 daily active users. The success of these titles comes only one week after Glu announced its third quarter of 2010 financial results which showed strong growth and momentum in building its installed user base and increasing its smartphone revenues. Glu reported in its third quarter of 2010 earnings call that its monthly active users grew to 4.2M in September 2010. The company cumulatively achieved more than 31.9M installs on iOS devices alone at the end of September, with micro-transactions and in-game advertising revenues growing 98% quarter-over-quarter.
“Our deep partnerships with Apple and Google, strong internal studios, and cross-platform capabilities position Glu well to accelerate our early momentum,” said De Masi.
About the Glu titles to hit over 1M downloads each:
- Gun Bros - reinventing the typical top-down shooter in a free-to-play, comedic, action-packed game that is full of non-stop, pure adrenaline. Gun Bros features simple gameplay mechanics, a large variety of over-the-top-guns, armor and power-ups, and the social option of easily adding friends into your game.
- Toyshop Adventures - take control of the lovable toys while traveling through and exploring the miniature toyshop world in this free-to-play, highly-imaginative, original game inspired by classic platform and adventure games.
Glu Mobile is a leading global publisher of social games for smartphone and tablet devices. Glu's unique technology platform enables its titles to be accessible to a broad audience of consumers all over the world - supporting iOS, Android, Palm, Windows Phone 7 devices and beyond. Glu is focused on bringing the best in social, freemium, cross-platform mobile gaming experiences to the mass market. Founded in 2001, Glu is headquartered in the San Francisco Bay Area and has major offices in Brazil, China, Russia and the UK. Glu is focused on creating compelling original IP and also partners with leading entertainment brands including Activision, Atari, Fox and Harrah's.
Consumers can find high-quality, fresh entertainment created exclusively for their mobile devices wherever they see the 'g' character logo or at www.glu.com.
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