Baltimore-based Millennial Media Inc., a major player in the mobile advertising business, reported nearly a doubling of revenues and wider losses in the third quarter as it continued to ramp up spending on its technology infrastructure and overseas expansion.
Millennial, which supports an ad network across thousands of different types of mobile devices, is part of the fast-growing mobile advertising industry. The company turned a profit before going public, and is spending now to continue to expand in Europe and Asia, the company has said in the past.
Total operating expenses for the quarter, for instance, roughly doubled to $21 million, with increases in sales and marketing, technology, and administrative expenses. [See earnings report.]
Its revenues in the quarter that ended Sept. 30 were $47.4 million, an 88 percent increase over the $25.2 million it had in the third quarter last year. It's loss widened to $1.8 million, compared to $200,000 in last year's third quarter.
Its net loss per diluted share was 2 cents -- better than the 3 cents per share loss that analysts polled by Bloomberg had expected.
In a statement this afternoon, CEO Paul Palmieri said: "During the quarter, we ... 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."