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GLUU - Why Glu Mobile Stock Dropped 13% After Earnings
Glu Mobile Inc.
Shares of mobile games-maker Glu Mobile(NASDAQ: GLUU) dropped sharply on their first day of trading following fiscal second-quarter earnings yesterday evening, falling 13.1% through 1:30 p.m. EDT.
Analysts had forecast that Glu would report a profit of $0.08 per share for the quarter and revenue of $165.3 million. As it turned out, Glu missed on both points. Sales came in at only $133.3 million, and the company lost $0.05 per share for the quarter.