Mobile ad network Millennial Media has posted its results for Q3, 2012 – revealing that its revenues hit $47.4m (£29.8m) over the period. That's an increase of 88 per cent year-on-year, up from $25.2m in Q3, 2011.
In spite of this growth, and an improved gross margin of 40.9 per cent, however, the company still made a net loss of $1.8m – an improvement over Q2's loss of $2.2m.
“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. “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.”
By the end of the quarter, Millennial Media was reaching over 380m monthly unique users globally, 150m of whom were in the US, with more than 38,000 apps enabled to operate on Millennial's platform.
Looking forward, Millennial says its expects revenues for Q4 to increase even further, somewhere in the range of $61.5-63m, leaving them with revenues of $181-182.5m for 2012 as a whole.