Mobile games firm Glu Mobile (NSDQ: GLUU) announced first quarter revenue of $20.6 million, up from $15.7 million compared to the same period a year ago. They also reported a GAAP net loss of $6 million, or $0.21 per share, compared to a GAAP net loss of $764,000, or $0.12 per share year on year, which the company attributed in large part to the completion of their MIG and Superscape acquisitions. Glu CEO and President Greg Ballard said the [slightly] better than expected revenues had been boosted by strong sales in the US and China, as well as a “rebound” in the European market. He added that following GLU’s integration of MIG and Superscape, the company expected to “significantly” increase their global market share in the next few months and quarters.

Some highlights:

-- Glu’s top ten titles made up approximately 43 percent of first quarter 2008 revenues, down from approximately 57 percent of revenue in the same time a year ago.

--The average revenue per top ten title was $886,000, a figure that remains stable year on year. quarter of last year.

-- SVP and interim CFO Eric R. Ludwig was quick to point out that no title in the Glu catalogue represented more than 10 percent revenue, and that their geographic mix was “balanced.”

Release Webcast.

UPDATE:

-- Analyst Expectations: The company reported revenue of $20.6 million and a loss of 21 cents per share; analyst polled by by Thomson Financial expected a loss of 17 cents per share on $19.1 million in revenue, according to AP.

-- Outlook Upgrade: For the full year, Glu upgraded its outlook, saying it expects an adjusted profit of 19 cents to 23 cents a share on revenue of $96.5 million to $100 million. In March, AP said the company predicted the Superscape acquisition would add a penny in adjusted earnings in 2008, implying an outlook of 16 cents to 21 cents per share.

Tricia adds from the call:

-- New Platforms: CEO Greg Ballard said on the call the industry is changing quickly, and moving beyond Java, Brew and Symbian, and into new platforms like Windows Mobile, BlackBerry, Google’s (NSDQ: GOOG) Android, the iPhone and Nokia’s (NYSE: NOK) N-Gage. He said smartphone owners purchase games at twice the rate, and as flat rate data plans come into affect, customers won’t be charged once for the game, and then again for the data charge to download it. He sees on and off deck experiences getting better, and other phone manufacturers, like LG (SEO: 066570) and Samsung, releasing innovative handsets at impressive rates that offer iPhone-like features. All these things will positively affect the business in 2009.

-- Strong Areas: Strength was seen in China and parts of Euorpe, and also in the U.S. from Verizon Wireless (NYSE: VZ), the leading performing, but also AT&T (NYSE: T), and smaller carriers such as Alltel (NYSE: AT) and U.S. Cellular. Of it’s top four carriers, Verizon is responsible for more than 20 percent of revenues; Vodafone (NYSE: VOD) globally is more than 10 percent, and China Mobile at an unknown percent.

-- On Licensing: Ballard said there’s a lot of talk about the cost of licenses going up, but they went back and looked at internal deals, and there’s not evidence of that. “One could make the argument that licensing costs have gone up a little bit down in the last year,” he said. Some games ask for a certain guarantee over the game’s life, some ask for a percentage or advance upfront. Likewise, Ballard said the amount of money they can pay for a game has also gone up at zero to little more risk. “There’s a lot of different opportunities out there, and we are pursing them aggressively, and landing good and affordable licenses,” he said.

-- On M&A: “We are on a bit of a holiday,” Ballard said. The company is focused on integrating its MIG and Superscape acquisitions from the past year. Typically they do one acquisition a year, and this time they did two, so it’s “taken a bit to digest those,” Ballard said. “We aren’t actively beating the bushes, but people are recognizing that if you aren’t in the top three, you need to think about what your strategic plan is going forward.”

• Glu Closes Acquisition Of Superscape; Increases 2008 Guidance
• Earnings: Glu Mobile’s Q4 Losses Down On Higher Revs