Millennial Media (NYSE:MM), which operates a mobile ad network, had a huge IPO back in late March. The stock surged by 92% on its first day of trading. But since then, investors have taken on huge losses on MM, amounting to about 59%. Of course, this has been the case with other cutting-edge companies like Facebook (NASDAQ:FB), Zynga (NASDAQ:ZNGA) and Groupon (NASDAQ:GRPN).
But today Millennial Media’s shareholders got some good news: The company posted an encouraging second-quarter report. On the news, the shares are up about 23% in midday trading, to $12.60.
Revenues spiked by 75.6% to $39.4 million, and there was a net loss of $2.2 million, or 3 cents a share. The street was looking for revenues of $38 million and a net loss of 5 cents a share.
All in all, the Millennial Media platform’s continues to get stronger. There are now 35,000 apps, and the reach includes 350 million unique users around the globe. In fact, the company counts 75 of the Ad Age’s top 100 advertisers as its clients.
Tom Taulli runs the InvestorPlace blog IPOPlaybook, a site dedicated to the hottest news and rumors about initial public offerings. He also is the author of “All About Short Selling” and “All About Commodities.” Follow him on Twitter at @ttaulli. As of this writing, he did not own a position in any of the aforementioned securities.