Glu Mobile earnings (NASDAQ:GLUU) were released late in the day on Monday and the company’s results were weaker than what analysts were calling for in the Wall Street consensus estimate for its latest quarter, which took a toll on GLUU stock, causing it to plummet more than 10% after the bell.
The smartphone games developer, based out of San Francisco, said that for its fourth quarter of its fiscal 2018, it suffered a loss of roughly $1.3 million. This amounted to a loss of roughly a penny per share. When adjusting for stock option expense and restructuring costs, the company only managed to bring in 3 cents per share in earnings.
Wall Street was calling for Glu Mobile earnings to bring in adjusted earnings of 7 cents per share, according to data compiled by a survey of five analysts that was conducted by Zacks Investment Research. The company added that it brought in revenue of $95.6 million for the period.
On an adjusted basis, the company raked in sales of $98.2 million, which came in ahead of the Wall Street consensus estimate as four analysts polled by Zacks called for revenue of $96.3 million. For its fiscal year, Glu Mobile said that its loss narrowed to $13.2 million, or 9 cents per share, while revenue was $384.6 million.
GLUU stock is plummeting roughly 10.3% after the bell on Monday as the company’s results were below the mark for its fourth quarter of its fiscal 2018. Shares had been surging about 2.8% during regular trading hours as Glu Mobile geared up to reports its latest results.