Shares Of Glu Mobile Higher On Monday, Company To Buy Back Stock

Shares of Glu Mobile Inc. (NASDAQ: GLUU) were trading higher by nearly 2 percent early Monday afternoon after the company's Board of Directors authorized a share buyback program.

Glu Mobile, a developer and publisher of games for smartphones and tablets, announced that its Board of Directors plans to acquire up to $50 million of its outstanding stock.

Glu Mobile noted that the repurchase program will be funded using working capital. The company held $182.3 million in cash and cash equivalents as of September 30, 2015.

"We are pleased that Glu's strong balance sheet enables us to simultaneously enhance stockholder value through share repurchases while continuing to invest in internal and external opportunities that we believe will drive long-term growth. The repurchase program reflects our confidence in the future of our business and our belief in the true long-term value of the company," stated Niccolo de Masi, Chairman and Chief Executive Officer of Glu.