GLUU - Google Finance" href="http://www.google.com/finance?q=gluu">Glu Mobile Inc. GLUU made a new 12 month closing high today on the back of a research report that was release by EquityMarketsInc.com. After hitting intra day highs of $4.83 the share price finished at $4.80, managing a 21% gain for the day.
The associated press release to the research report suggests that the growing smartphone gaming market is cannibalizing the traditional gaming device market. The press release also cites the lack of development in the console sector with no new products scheduled to be released until 2012.
The most recent quarterly report shows strong revenue growth of 128% from the previous quarter. Total GAAP revenue for the quarter was $15.6m, however the company reported a GAAP net loss of $4.9m.
With a market capitalization of $258m this stock seems to be treated like most other tech sector stocks by carrying a very high valuation. Glu Mobile is a leading developer of gaming apps for the Android market.
Please do your own due diligence.
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