NEW YORK (TheStreet) -- Glu Mobile (GLUU) was falling -8% to $6.35 after-hours Wednesday after announcing it will acquire Cie Games , and despite beating analysts' estimates for earnings and revenue in the second quarter.
For the second quarter the social game publisher reported a loss of -2 cents a share, smaller than loss of-4 cents analysts expected. Revenue grew 50.9% from the year-ago quarter to $35 million, while analysts surveyed by Thomson Reuters expected revenue of $33.24 million for the quarter.
Glu separately announced that it will acquire Cie Games, creators of the Racing Rivals mobile racing game franchise, for about $100 million. Glu will pay about $30 million in cash and about $70 million in stock for the company.
Must read: Warren Buffett's 25 Favorite StocksSTOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. 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 multiple weaknesses, 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." < GLUU data by YCharts
STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
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