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Glu Mobile swings to loss in Q1

Glu Mobile Inc. said its first-quarter normalized net income came to a loss of 4 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 5 cents per share.

The per-share result swung to a loss from the prior-year profit of 1 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $5.6 million, compared with income of $1.4 million in the year-earlier period.

The normalized profit margin fell to negative 10.2% from 2.0% in the year-earlier period.

Total revenue declined 21.5% on an annual basis to $54.5 million from $69.5 million, and total operating expenses declined 5.0% on an annual basis to $63.6 million from $67.0 million.

Reported net income came to a loss of $9.0 million, or a loss of 7 cents per share, compared to income of $1.1 million, or 1 cents per share, in the prior-year period.