October 5th, 2008 by Arjan Olsder Posted in Companies & M&A | No Comments »
The problems on the financial market
seem to be hitting the mobile games industry as well. Due to exchange
losses and lower revenues, the company warns that Q3 results might be
below expectations.
“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.
