NEW YORK (TheStreet) -- Glu Mobile
(GLUU - Get Report) stock is soaring after beating analysts' expectations in its first quarter.
By market open, shares had climbed 4.8% to $4.19.
Over the three months to March, the mobile games developer earned an adjusted 6 cents a share, 4 cents higher than analysts surveyed by Thomson Reuters expected.
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Revenue surged 90.1% year over year to $47 million, beating estimates of $39.5 million.
The company also said it is buying game developer PlayFirst
, maker of popular games Diner Dash and Cooking Dash, for 3 million shares.
TheStreet Ratings team rates GLU MOBILE INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate GLU MOBILE INC (GLUU) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The area that we feel has been the company's primary weakness has been its disappointing return on equity."
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