May 4th, 2010 by Arjan Olsder Posted in Companies & M&A | No Comments »
Much is expected from Glu’s (GLUU) earningscall tonight. We haven’t seen any numbers yet which is normally the case and… the new CEO will be speaking. Will Glu be acquired? F5 this page on a regular basis to find out from 1:30 PST or 22:30 CET
The conf call starts. ICR is hosting the call. As always forward looking statements are made and can’t be relied on etc.
Niccolo de Masi explains that the past 120 days have given him time to tweak the future for the company. He will be interacting more closely with the sales team and the development team will be upscaled. Glu will be focusing on less titles with a higher quality. There are 2 smartphone franchices in development right now and another two will be added to be finished before the end of the year.
Over 8 million users on the iPhone games.
Glu will keep experimenting with Freemium models
China Mobile’s replacement of the mBlox platform will result in less revenues from China. China Mobile also changed the revshare from 85/15 to 50/50 which impacts Chinese revenues.
Niccolo de Masi is very confident that Glu will become the biggest and best games publisher in the mobile market.
In-game advertising brought 9% of the revenues
top 10 titles bring 46% of revenues. $790K per title on average
New titles brought in 50% of the revenues
Original IP is 20% of the revenues
Top 4 carriers represent 40% of revenues. Verizon represented 18% which shows the importance of the classic markets.
For the quarter ended March 31, 2010, non-GAAP loss from operations, which excludes stock-based compensation expense, amortization of intangibles arising from business combinations, restructuring charges and MIG earnout expenses, was $(0.3) million, compared to $1.4 million of non-GAAP income from operations in the same period last year. Non-GAAP net loss, which excludes foreign currency exchange gains and losses primarily related to the revaluation of assets and liabilities, was $(0.9) million for the quarter ended March 31, 2010, compared to a non-GAAP net loss of $(1.0) million in the same period last year. Non-GAAP basic loss per share was $(0.03) for the quarter ended March 31, 2010, compared to a non-GAAP basic loss per share of $(0.03) in the same period last year. (this comes from the release)
Glu is still working on paying off the MIG shareholders. Three more payments need to be completed.
Glu expects featurephone revenues to go down eventually.
Q&A
Apple is still leading the way in storefront and innovating it as well as connected gaming. Others are still trailing behind. The 4.0 SDK is very important to Glu as it will benefit from D2C marketing and other features. iAd is also significant to Glu as it is the best solution to advertise on the platform and so, Glu is happy it did not invest in this as well as the social connectivity which Apple is offering. Glu hopes others will follow in Apple’s footsteps.
The second quarter revenue is always worse compared to the first quarter according to Eric.
Just two questions, a new all-time low? No fireworks at all today. We wonder what shares will do tomorrow.
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