Millennial Media's ads run in 38k mobile apps

Millennial Media (NYSE:MM) said that its ads now reach more than 380 million monthly unique mobile users worldwide, including approximately 150 million unique consumers in the U.S. As of the third quarter,  Millennial ads run in more than 38,000 applications for mobile operating systems including Apple's (NASDAQ:AAPL) iOS and Google's (NASDAQ:GOOG) Android. This is an increase from 35,000 in the second quarter of 2012. In addition, the firm has developed more than 300 million proprietary user profiles.

Millennial also reported third-quarter revenues of $47.4 million, up 88 percent over revenues of $25.2 million a year ago. The mobile advertising network nevertheless posted a loss of $1.8 million, up from $242,000 in the third quarter of 2011. The loss included a one-time stock based competition expense equal to $1.3 million.

Speaking on Millennial Media's earnings call Monday, co-founder, President and CEO Paul Palmieri said the firm's clients now include 75 of AdAge's Top 100 global advertisers, including 24 of the top 25. "Brand advertisers tend to buy more engaging ads like rich media and video and tend to use our platform for more refined audience targeting to reach specific interest base or demographic audiences," said Palmieri.

Millennial Media is projecting fourth-quarter revenues in the range of $61.5 million to $63 million. The company adds that full-year 2012 revenues are expected to reach between $181 million to $182.5 million.

In related news, Millennial Media announced a strategic partnership with MediaVest giving the media agency access to Millennial's proprietary data set and audience insight reports. MediaVest clients including Coca-Cola, Comcast and Procter & Gamble may also beta-test new Millennial mobile ad technologies.

For more:
- read this release and this release
- read this Seeking Alpha transcript

Special Report: Wireless in the third quarter of 2012

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