Morgan Keegan On Glu Mobile: Making Progress

Morgan Keegan has published a research report on Glu Mobile, Inc. (NASDAQ: GLUU) after the company reported its 4Q earnings on Monday that beat analyst estimates.

In the report, Morgan Keegan writes "Glu Mobile reported Q4 results Monday night. Revenue and EPS were $15.6 million and $(0.02), beating our estimates of $14.0 million and $(0.08) due to slightly higher smartphone revenue and much better than expected feature phone revenue. Glu guided for $13.7 mil to $14.2 mil in GAAP revenue for Q1. Glu will continue reinvesting in the business, leading to a projected operating loss between $(5.1) and $(5.5) million and a non-GAAP loss of $(0.07)/share. The $15.9mm in capital raised in January will be invested to enhance the company's growth trajectory and improve the Glu franchise. The Glu Games Network will be launching soon with third party content distribution."

Morgan Keegan currently has no price target and its Not Rated status on Glu Mobile, which closed yesterday at $3.47.