Why You Should Be Buying This Beaten-Down Mobile Gaming Stock
Glu Mobile (NASDAQ: GLUU) stock was looking all set for a turnaround going into its fiscal 2019 third-quarter earnings report, and the mobile gaming specialist didn't disappoint. The company's latest results make it clear that the weakness it experienced earlier this year was temporary, and its titles haven't lost their mojo as feared.
Glu's revenue increased 8% annually in the third quarter to $107.1 million, but more importantly, bookings shot up 20% to a quarterly record of $120.4 million. The bookings number was well ahead of the $111 million estimate Glu had provided three months ago when the company had to slash its full-year bookings guidance as one of its titles failed to hit the ground running.
Now that Glu seems to have put its problems in the rearview mirror, it may be a good time to go long on this beaten-down mobile gaming stock. Let's see why.
Source Fool.com
