The past two months have been particularly difficult for stock market investors due to the turmoil caused by the coronavirus pandemic, and many stocks have declined from their previous levels. Some stocks, however, managed to record gains in May despite the fact that the market was volatile and one such play was Glu Mobile Inc. (NASDAQ:GLUU).
The stock gained as much as 28% in the month of May, and much of that was possibly due to the company’s impressive first-quarter performance. The report was released on May 7, and Glu Mobile recorded bookings boost of as much as 15% year on year.
However, that is not all. The company also issued a business update that indicated that the Glu Mobile’s performance is going to be strong in the second quarter as well. The projections for the second quarter and the full year were raised by the company’s management. Glu Mobile expects continued growth from existing titles and results from the new releases.
It should be noted that the company has been focussing more on the games that have generated impressive growth, and that strategy seems to have paid off. Due to encouraging booking momentum, the Glu Mobile management has projected bookings to rise by 62% year on year in the second quarter.
Total bookings have been pegged within the $162.5 million and $167.5 million range. While the rally in May was no doubt impressive, it is necessary for investors to keep in mind that the Glu Mobile stock has shown impressive momentum for quite some time.
Since the middle of March, the stock has recorded gains of as much as 120%, and it is likely that Glu Mobile is going to be on the radars of many investors in the coming days. However, earlier this week, the Glu Mobile stock recorded declines after the company announced that it is going to make a public offering worth $100 million. Sign-up for continuing coverage on shares of $GLUU stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!