NEW YORK (TheStreet) -- Mobile advertising firm Millennial Media (MM) popped on pre-announced fourth-quarter financials and on news its CEO and chairman was stepping down. By mid-morning, shares had topped 9.2% to $7.33.
The micro-cap said it expects revenue for the December-ended fourth quarter between $106 million and $109 million, a hike from the company's previous expectation of $95 million to $100 million. Analysts surveyed by Thomson Reuters had estimated revenue of $88.77 million.
The Baltimore-based business also said its integration with Jumptap, a mobile advertising network company acquired in August last year, was ahead of schedule and contributed to fourth-quarter performance.
The company is slated to release fourth-quarter and full-year financials on Feb. 19.
Separately, Millennial Media announced its founder, chairman and CEO Paul Palmieri had resigned from his post, effective immediately. Palmieri will pursue a role at New Enterprise Associates, a venture capital firm.
Michael Barrett, former chief revenue officer at Yahoo! (YHOO), will assume the role of CEO and board member.
"The mobile market is on a steep growth trajectory and I look forward to building on the leadership position Paul and the team have created to bring Millennial to new heights. I have long admired the company's ability to deliver superior monetization to its publishers and developer partners and powerful ad solutions to its brand and performance advertisers," said Barrett in a statement.
TheStreet Ratings team rates MILLENNIAL MEDIA INC as a Sell with a ratings score of D. The team has this to say about their recommendation: