Glu Mobile Announces Q2 2014 Financial Results, Acquires Cie Games
Glu Mobile has announced its financial results for Q2 2014, seeing non-GAAP revenues of $35 million, up 51 percent year-over-year from $23.2 million in Q2 2013. GAAP revenue was $40.9 million for the quarter, up from $24.4 million in Q2 2013.
In addition, the company has announced its acquisition of Cie Games. The developer of Racing Rivals (pictured) and Car Town has been acquired for $100 million ($30 million in cash and $70 million in common stock), with the acquisition expected to close in August.
Glu attributes the quarter’s increase in revenue, in part, to the continued success of Deer Hunter 2014 and Eternity Warriors 3, as well as early success for the company’s Kim Kardashian: Hollywood, which launched in late June. Since release, Kim Kardashian: Hollywood has broken Glu’s single-day revenue and average revenue per daily active user (ARPDAU) records.
Due to the game’s early success, and the success of the recently launched Dino Hunter: Deadly Shores, Glu has increased its figures for expected revenue for Q3 2014, predicting non-GAAP revenues between $80 million and $85 million for the quarter. Since release in mid-July, Dino Hunter: Deadly Shores achieved a new record for single-day downloads for the company.
As for Cie Games, the developer will continue to operate independently under the Glu umbrella.
“All current titles, including Racing Rivals will not be affected and players can expect to receive an uninterrupted user experience. Cie Games will continue to generate new and compelling content that players enjoy,” says Matt Nutt, general manager of Cie Games.
“We are very pleased with our overall execution, particularly the initial performance of Kim Kardashian: Hollywood and Dino Hunter: Deadly Shores,” added Eric R. Ludwig, Glu’s chief financial officer. “We anticipate the combination of Glu title execution coupled with Racing Rivals from Cie Games to result in demonstrable leverage in the business in the second half of 2014.”