Glu Mobile Sees Q2 Non_GAAP Revenue of $24.2M vs $21.52M Est

Glu Mobile Inc.

today announced preliminary financial results for its second quarter ended June 30, 2012. Glu's preliminary Q212 results are: Total non-GAAP revenue of approximately $24.2 million, up 35% year-over-year. This is above the company's guidance of $20.5 million to $21.5 million. Non-GAAP smartphone revenue of approximately $20.4 million, up 111% year-over-year. This is above the company's guidance of $17.5 million to $18.5 million. Total GAAP revenue is approximately $23.6 million and GAAP smartphone revenue is approximately $19.9 million. Original IP contributed approximately 95% of non-GAAP smartphone revenues and non-GAAP gross margin is approximately 91%; GAAP gross margin is approximately 87%. Non-GAAP Adjusted EBITDA is approximately $1.2 million. Cash generated from operations of approximately $1.6 million; cash balance on June 30, 2012 of $24.5 million, which was above guidance.