Baltimore’s Millennial Media, the global mobile advertising company whose initial public offering in March was worth $1.8 billion, announced Wednesday that it made $39 million in revenue in the second quarter of this year, compared to just $22 million in the same quarter last year, reports the Baltimore Sun.
The revenue growth couldn’t keep up with expenses, though. The $2.2 million quarter loss the company suffered in its first quarter since the IPO was chased by growing expenses, as the Wall Street Journal added.
“For the second quarter of 2012, we generated revenue of $39.4 million, a 76 percent increase from revenue of $22.4 million in the second quarter of 2011,” said Millennial Media CFO Michael Avon in a conference call Wednesday. “Revenue in the second quarter of 2012 from existing advertiser clients was $28.2 million representing 71 percent of revenue, while revenue from new advertiser clients was $11.2 million representing 29 percent of revenue.”
According to the Baltimore Sun, “[Millennial Media] lost $2.2 million in the second quarter, which ended June 30, compared to $152,000 in the year-earlier period,” and lost just three cents per share compared to Wall Street estimates of five cents per share. In March, Millennial Media began trading shares on the New York Stock Exchange at $13 a share.
“Mobile is all that we do, and we have differentiated scale in that market,” said president and CEO Paul J. Palmieri on Wednesday. “It is because of the years of this singular focus that we’re succeeding in mobile monetization where others are not.”
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