Glu Mobile: Situation Gets Stickier

Glu Mobile (GLUU) this afternoon significantly reduced its 2008 guidance.

For Q3, the mobile gaming company posted revenue of $23.9 million, and losses of $1.93 on a GAAP basis, and 10 cents non-GAAP. That is consistent with the updated guidance for the quarter provided in early October.

For the fourth quarter, the company sees revenue of $21 million to $25 million, with losses of 23-27 cents a share GAAP, 8-11 cents non-GAAP. The Street had been looking for $25.3 million and a GAAP loss of 17 cents a share.

For the full year, Glu now sees revenue of $89.2 million to $90.2 million, down from previous guidance of $95.3 million to $97 million. The company now sees a GAAP loss of $2.59 to $2.62 a share, versus a loss of 74-78 cents previously. The estimated non-GAAP loss for the year is 18-20 cents; the company previously had expected a profit of 9-14 cents a share.

In the regular session, GLUU fell 4 cents, or 4.7%, to 81 cents, a new 52-week low.