Millennial Media today to release first quarterly financial results since IPO
By Gus G. Sentementes
May 14, 2012 | 10:15 AM
Millennial Media Inc., which operates one of the largest mobile ad networks, is expected to release financial results for its first quarter of 2012 -- the first quarterly report from the company since going public on March 29.
The release will come after the stock markets close this afternoon, followed by a 5 pm conference call where company officials will explain the results to analysts and the media.
Millennial's stock was priced at $13 a share at the IPO and doubled on the first day of trading on the New York Stock Exchange. But since then, the stock has drifted downward, and is trading today at around $14.90.
Millennial, based in Baltimore, raised more than $130 million in the IPO. The company has said it plans to use the capital to expand domestically and overseas, hire more people, and invest in its technology infrastructure.
Wall Street analysts and mobile ad industry observers will be watching Millennial's first results closely, because it's the first mobile ad company to go IPO. Many expect the mobile ad industry to continue to grow rapidly in coming years, and Millennial appears to be at the center of the industry
Mobile has become critical to major Internet players, such as Facebook, which recently warned as it heads toward its own IPO that more of its users are shifting to mobile from the desktop web, and Facebook is not as well prepared in monetizing mobile users.
[This reality makes me believe that Facebook is going to be the next big company to buy a mobile ad network, whether it's Millennial or another player. Facebook has the worldwide reach in mobile that it needs a Grade A mobile ad product and, dare I say, network. Having recently experimented with Facebook ads myself, the fact that they don't have a mobile ad product to offer is a huge omission...for now.]