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Glu Mobile States Preliminary Third Quarter 2008 Financial Results(Wireless News Via Acquire Media NewsEdge) Glu Mobile, a publisher of mobile games, announced preliminary results for the third quarter ended September 30. Based on current information, the Company said it expects to report revenues slightly below the Company's guidance provided on August 5. As a result of the lower than expected revenues, as well as unrealized foreign exchange losses, and possible impairments to goodwill and prepaid royalties, the Company said it expects to report earnings on both a GAAP and non-GAAP basis below its August 5, guidance for the third quarter, including a small non-GAAP operating loss. Glu plans to release final third quarter results and host a conference call on November 4. "We continued to see headwinds in our North American sales driven by lower consumer spending and slower growth in new mobile handset sales," said Greg Ballard, president and chief executive officer, Glu. "Despite these challenges, we are optimistic about the opportunities we see in 2009 and beyond, as the recent launch of the new iPhone, the debut of the Android platform and Nokia's N-Gage initiative have demonstrated the market's enthusiasm for new high-end platforms. We believe the market for high-end handsets will grow significantly in 2009, and we are spending an increasing share of our development expenses on titles for high-end handsets. We will bring the majority of our titles currently planned for launch in 2009 to high-end devices, such as the iPhone, N-Gage and Android, as we continue to support Java, BREW and existing smart phones." "Given the current realities in our market, we are focused on efficiently managing our expenses and effectively investing our capital where we believe it will most benefit our future growth," said Eric Ludwig, chief financial officer, Glu. ((Comments on this story may be sent to [email protected])) ((Distributed on behalf of 10Meters via M2 Communications Ltd - http://www.m2.com)) ((10Meters - http://www.10meters.com)) Copyright ? 2008 Wireless News |