Glu Mobile (NSDQ: GLUU), the San Mateo, Calif.-based mobile games company, said the company continues to work on turning the business around and achieved its second consecutive quarter of generating cash. The company generated an all-time high of $2.7 million in cash during Q3, ending the period with nearly $10 million in reserves.

Glu said that next generation platforms, like the iPhone and Android, are starting to pick up with revenues from those totaling about $500,000 in Q3. It expects those revenues to double next quarter, comprising a total of 5 percent of all revenues. In addition, Greg Ballard, Glu’s outgoing CEO, said they have started developing games for social networks, like Facebook. Two titles have already launched, Bonsai Blast and MyHangman, and the company will launch two more by the end of the year. Ballard said the first two titles haven’t done particularly well, but that they served as a good test. “Our carrier business will provide cash for other related growth areas, including the iPhone and other emerging platforms and now social gaming. We believe we bring unique skills to these market business.”

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