Millennial Media revenues soar 75% in second quarter

Baltimore mobile advertising firm expects revenue growth the rest of the year

August 08, 2012|By Gus G. Sentementes, The Baltimore Sun

Millennial Media, a Baltimore-based company that runs a global network of advertising on smartphones, tablets and other mobile devices, said Wednesday that it had a lower-than-expected loss in its second quarter as revenues soared by more than 75 percent.

The company, which went public in March in a $1.8 billion offering, said it lost $2.2 million in the second quarter, which ended June 30, compared to $152,000 in the year-earlier period. Millennial reported a loss of 3 cents per share, beating Wall Street analysts' estimates of 5 cents per share.

The company's revenues climbed to $39 million in the quarter, compared to $22 million in the same period last year.

Millennial said it has 350 million unique visitors on its ad network, including 140 million in the United States. The company said about 35,000 mobile applications currently run ads from Millennial's network.

The company also boosted its full-year revenue estimates by $3 million, from $176 million to $179 million.

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