Benchmark analyst Mike Hickey has downgraded Glu Mobile following the company’s disappointing Q3 earnings report. Glu reduced its Q4 guidance, and Benchmark fails to see a compelling growth story for the company in 2016.

The Numbers

Despite Q3 sales of $64 million coming in ahead of the Street’s expectations of $59 million, Glu lowered its Q4 sales guidance significantly. The new projected Q4 sales are $50-$52 million, down from the original guidance of $89-$102 million.

Glu also guided for 2016 sales of only $275 million, well short of the Street’s $334 million projection.

Valuation

Hickey believes…

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