Millennial Media, Inc. (NYSE: MM), the independent leader in mobile advertising, today reported financial results for the third quarter ended September 30, 2012 that exceeded its preliminary results reported on October 15, 2012.
Financial Results and Business Highlights
Revenue: For the third quarter of 2012, revenue was $47.4 million, an 88.0% year-over-year increase from revenue of $25.2 million for the third quarter of 2011.
Gross Margin: For the third quarter of 2012, gross margin improved to 40.9%, compared to 39.3% for the third quarter of 2011.Adjusted EBITDA: For the third quarter of 2012, adjusted EBITDA, a non-GAAP financial measure that we define as net income (loss) before interest, taxes, depreciation and amortization, and non-cash stock-based compensation, was $2.1 million compared to adjusted EBITDA of $0.6 million for the third quarter of 2011. Adjusted EBITDA for the second quarter of 2012 was $(0.7) million. Net Loss: For the third quarter of 2012, net loss, on a GAAP basis, was $(1.8) million, compared to a net loss of $(0.2) million for the third quarter of 2011 and a net loss of $(2.2) million for the second quarter of 2012. Net Loss per Share: For the third quarter of 2012, on a GAAP basis, basic and diluted net loss per share was $(0.02), compared to basic and diluted net loss per share of $(0.09) for the third quarter of 2011 and $(0.03) for the second quarter of 2012. Other Business Metrics: As of September 30, 2012, Millennial Media reached over 380 million monthly unique users globally, including approximately 150 million monthly unique users in the United States alone. More than 38,000 apps were enabled by mobile app developers to operate on Millennial Media’s platform as of September 30, 2012. As of September 30, 2012, Millennial Media has developed more than 300 million proprietary user profiles. “As previously announced, we delivered accelerated revenue growth for the third quarter along with strong gross margin performance,” stated Paul Palmieri, co-founder, President and CEO of Millennial Media. “Our comprehensive suite of advertising solutions continues to be sought after by more and more brand advertisers looking to use a proven mobile platform to achieve their marketing objectives. During the quarter, we also continued to build on our leadership position with investments in technology and other resources as well as in the expansion of our international operations to accommodate both global and more regional demand for our platform.”