Glu reveals Q4 financials and piles more resources into iPhone
Glu reported revenues of $19.1 million for Q4 2009 last night – down 11.6% year-on-year thanks to a slide in sales of its games for feature phones.
The company posted a GAAP net loss of $6.9 million for the quarter, but says it was cash positive from operations. Glu says it will double its studio capacity for smartphone games in 2010, while focusing on own-IP games – including a category of massively multiplayer social games pitched as combining the best bits of Farmville and World of Warcraft.
Glu also says it’s generated more than 20 million iPhone downloads of its paid and free games, although in 2009 as a whole, it only made $2 million from the App Store.
