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Shares of Glu Mobile (NASDAQ: GLUU) roared out of the gate Tuesday, rising 33.7% as of 10:25 a.m. EST after the maker of mobile games announced its fourth-quarter 2020 earnings results last night.
Glu grew its quarterly revenue 25% year over year and its full-year sales 31%. Earnings were $0.13 for the quarter, erasing losses earlier in the year to close out 2020 with a $0.12 profit -- all of which was great news, but probably not the real reason Glu stock is soaring today.
Instead, investors are excited because Glu Mobile is getting bought out.