Millennial Media reports third quarter loss

November 13, 2013|The Baltimore Sun

Millennial Media Inc., a Baltimore-based mobile advertising firm, reported Wednesday that it lost $4.6 million in the three months ended Sept. 30.

That's worse than the $1.8 million it lost in same quarter in 2012. On a per share basis, it lost 6 cents in the recent quarter compared to 2 cents a year earlier.

Meanwhile, the company's revenue swelled 39 percent to $86.3 million in the July-to-September period. That includes $56.1 million from Millennial Media and $30.2 million from Jumptap, which it acquired Nov. 6 for about 24.6 million share of its stock. That made the deal worth about $174 million.

"We've made substantial progress building and strengthening our full-stack mobile advertising platform this year," said Paul Palmieri, Millennial Media's President and CEO. "Through our acquisition of Jumptap, the global launch of MMX, our mobile ad exchange, and the introduction of our Omni Measurement suite, we are uniquely positioned to be the partner of choice to the world's largest advertisers and agencies."

Millenial Media shares surged 6 percent Wednesday, rising 41 cents to close at $7.18 each.

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