Millennial Media Q1: $49M, on Track for $230M+ in 2013

Millennial Media reported Q1 earnings yesterday afternoon. The company said that its revenue grew to $49.4 million from $32.9 million in Q1 2012. However the company saw a $3.8 million net income loss vs. a $4 million loss a year ago.

Non-US revenue was 18.4% vs. 12.1% in Q1 of 2012. Second quarter revenue guidance was $58 million to $60 million.

The company said that its network reached 420 million monthly unique users globally, including approximately 160 million monthly unique users in the United States. Millennial also said that its network was enabled on 42,000 mobile apps. 

CFO Michael Avon said on the earnings call that geotargeted, demographically and behaviorally targeted ads were "growing faster than the overall growth rate of the market." 

The company cited IDC's estimates that its mobile ad revenues in the US "were second only to Google." FY2012 revenues for Millennial Media were $177.7 million. However Facebook made $391 million in mobile ad revenue in 2012 and is on track to do nearly $1 billion this year. 

Directory publisher and local-mobile ad network provider YP said that it had $350 million in mobile ad revenue in 2012.