Glu Mobile Inc (NASDAQ: GLU) was a top gainer in yesterday’s session and closed the day with gains of 25.58%. This came after the company announced strong Q4 and 2019 full-year results.
In Q4, the company reported revenues of $112.9 million, higher than the $95.6 million that it recorded in a similar quarter in the previous financial year. Gross margins increased in the quarter to hit 65.2%, higher than the 63.3% that it recorded in Q4 of 2018. The company also turned a net income of $10.8 million compared to a loss of $1.3 million in the last quarter in the previous financial year. The company announced that its bookings in Q4 grew by 10% to hit $108.4 million. It also added that bookings from its Design Home and Covet Fashion were at their highest in the quarter. The company’s balance sheet in the quarter also improved with the cash and cash equivalents rising to $127.1 million from $97.8 million in the previous quarter.
The company also reported an improvement in its full-year results. Revenues for the year, increased from $366.6 million in 2018 to $411.4 million. The company’s gross margin stood at 64.6% from 62.3% in 2018. Net incomes in the year also rose from a loss of $13.2 million in 2018 to a profit of $8.9 million in 2019. In the year, the balance sheet also improved, with cash and cash equivalents rising to $127.1 million from $97.8 million in 2018.
Looking at its price action, the stock is gaining upside momentum since announcing its financial results. It opened the day at $6.79, and traded between a low of $6.74 and a high of $8.25 before closing the day at $8.10. Volumes in the day stood at 17.5 million.
About Glu Mobile Inc.
Glu Mobile Inc. is a developer and marketer of free-to-play games. It is based in San Francisco, California.