Mobile game maker Glu Mobile yesterday reported second-quarter earnings bolstered by $13.5 million in new funding, as well as growth in micro payments and mobile advertising.
The company reported a drop in total revenues to $16 million compared to $19.9 million in the second quarter of 2009.
Still, Glu managed $1.1 million in cash from operations. The company said it had top games on Verizon and Sprint's networks, which were big revenue generators, but added that iPhone games accounted for only 5 percent of all revenues.
"Our balance sheet has been strengthened on schedule, as we anticipate receiving $13.5 million of new money after shareholder approval on August 26. Stockholders representing more than half of our outstanding shares have entered into voting agreements supporting our financing, which has seen wide scale participation from both existing and new investors," said Glu CEO Niccolo de Masi said, according to Seeking Alpha's transcript of the company's earnings call.
De Masi touted a line-up of fresh talent. According to de Masi, John Carlos will take on the role of chief creative officer; Michael Breslin will take on the role of vice president of marketing; and Arthur Coleman will assume the title of vice president of eCommerce.