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Hmmm. What’s up with Glu Mobile (GLUU)?

The company, a publisher of games for mobile devices, is up sharply for the second straight trading day; the stock, in fact, is up today for the sixth day in a row. After a gain Friday of 26 cents, or 27%, to $1.22, the stock this morning is up another 27 cents, to $1.49. Since closing June 5 at 79 cents, the stock has rallied nearly 89%.

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.

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.