Glu +3.3%; company acquiring game developer PlayFirst

|About: Glu Mobile Inc. (GLUU)|By:, SA News Editor

Along with its Q1 results, Glu Mobile (GLUU) announces it's buying fellow game developer PlayFirst for 3M shares (current value of $12.3M) + the assumption of $3.55M in debt.

PlayFirst is behind Diner Dash, Cooking Dash, and other popular casual gaming titles available on both PCs and mobile devices. Altogether, its Dash games have been downloaded 750M times over the last 10 years. New free-to-play mobile titles are on tap.

With a Q1 beat on the books and the PlayFirst deal set to close in May, Glu now expects 2014 revenue of $155M-$161.5M, up from a prior $142M-$150M and above a $147.7M consensus. Q2 revenue is expected to be in a range of $30.6M-$32.7M, in-line with a $31.3M consensus.

Q1 adjusted EBITDA was $6.5M, well above guidance of $1.5M-$2.5M. Glu expects Q2 adjusted EBITDA of -$3.4M to -$4.5M, and 2014 adjusted EBITDA of $5M-$6.7M (better than prior guidance of $4M-$6M).

Q1 results, PR