Glu Mobile Inc. (NASDAQ:GLUU), a leading global developer and publisher of free-to-play games for smartphone and tablet devices, celebrates the 10-year anniversary of the company’s brand. After acquiring European studio and technology provider,Macrospace, Ltd. in December 2004, on May 31, 2005, U.S. developer and publisher, Sorrent Inc., rebranded to become Glu Mobile Inc. A decade later, Glu has evolved its business model, product portfolio, and global footprint to become one of the most innovative mobile gaming companies in the industry. In that time, Glu has more than tripled its headcount, increased non-GAAP revenue from $25.7 million for the year ended December 31, 2005, to $241.8 million for the year endedDecember 31, 2014, and expanded into six game genres.
“I’d like to congratulate Glu’s over 700 employees worldwide for a remarkable 10 years of growth and pioneering innovation,” said Niccolo de Masi, Glu Chairman and CEO. “We have an impressive track record of industry firsts over the past decade and have grown revenue by nearly 10x in the period.” De Masi continued, “Over the next five years, Glu aims to grow revenue 20%-30% per annum and reach $1 billion of non-GAAP revenue in 2020.”
Notable Glu Mobile Milestones
- 2005 – Shark Hunt MP launches as a cross-platform multiplayer game
- 2006 – Brain Genius launches as one of the first titles to utilize a phone’s camera in-game
- 2007 – Glu Mobile listed on NASDAQ as GLUU
- 2008 – Space Monkey launches on the first day of the iTunes App Store
- 2009 – Glyder launches with critically acclaimed motion controls
- 2010 – Gun Bros launches as the first free-to-play social action mobile game withFacebook friends list integration
- 2011 – Various Glu games launch as some of the first to support IAPs on the Android Market
- 2012 – Glu became the first to launch games on Google Play with subscription-based IAPs
- 2013 – Glu launches Spellista, the first game for Google Glass
- 2014 – Kim Kardashian: Hollywood became one of the first top-10 grossing games to have a five-star average rating
In 2014, Glu launched its celebrity gaming platform, taking the industry by storm with the tremendous success of Kim Kardashian: Hollywood. Over the past year, Glu has announced additional mobile gaming partnerships with Katy Perry, Kendall and Kylie Jenner, and Britney Spears. Now supported by over 400 million total social followers*, Glu intends to leverage an audience largely untapped by the gaming industry.
Over the next five years, Glu aims to: grow revenue 20%-30% per annum, reach $1 billion of non-GAAP revenue in 2020, and have all quarters Q315 onward be Adjusted EBITDA profitable. (Original Source)
Shares of Glu Mobile closed yesterday at $6.41 . GLUU has a 1-year high of $7.60 and a 1-year low of $3.27. The stock’s 50-day moving average is $6.10 and its 200-day moving average is $4.78.
On the ratings front, Glu Mobile has been the subject of a number of recent research reports. In a report issued on May 19, Stifel Nicolaus analyst Drew Crum reiterated a Buy rating on GLUU, with a price target of $9, which represents a potential upside of 40.4% from where the stock is currently trading. Separately, on May 18, Northland Securities’ Darren Aftahi maintained a Buy rating on the stock and has a price target of $9.50.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Drew Crum and Darren Aftahi have a total average return of 29.4% and 3.7% respectively. Crum has a success rate of 80.7% and is ranked #68 out of 3610 analysts, while Aftahi has a success rate of 60.4% and is ranked #1394.
The street is mostly Bullish on GLUU stock. Out of 4 analysts who cover the stock, 4 suggest a Buy rating . The 12-month average price target assigned to the stock is $9.00, which implies an upside of 40.4% from current levels.
Glu Mobile Inc develops, publishes & markets games designed to appeal to users of smartphones & tablet devices. Its gaming brands include Blood & Glory, Contract Killer, Deer Hunter, Eternity Warriors, Frontline Commando, Gun Bros, & Heroes of Destiny.