Glu Mobile: Coming Unglued

Glu Mobile (GLUU) this afternoon said it now expects to post third quarter revenues slightly below its previous guidance. The company had previously forecast revenue of $24 million to $24.7 million for the quarter. Glu also said that due to the lower revenues, unrealized foreign exchange losses and possible impairments to goodwill and prepaid royalties, the company now expects to post a small non-GAAP loss for the quarter. Previously, Glu had forecast a non-GAAP profit of 2-3 cents a share.

The company, a publisher of mobile games, said it continued to see headwinds in North America, “driven by lower consumer spending and slower growth in new mobile handset sales.”

Glu also said that it sees significant growth in the market for high-end handsets in 2009, and it is now focusing its efforts on developing games for the Apple iPhone, the Nokia N-Gage and Google’s Android platform.

In the regular session, GLUU fell 15 cents, or 7.5%, to $1.85.