Millennial Media (NYSE:MM), which operates a mobile advertising network, came public in late March at $13. But since then, it’s been on a wild ride. The shares hit a low of $9, then over the past few months, it rallied. The stock is now at nearly $16.
As should be no surprise, Millennial continues to ramp up its growth from the mobile revolution. In the third quarter, revenues spiked spiked 88% to $47.4 million, and adjusted EBITDA went from $600,000 to $2.1 million. The company’s guidance was for revenues of $43.5 million to $45 million.
Millennial has a reach of 380 million monthly unique global users, which include 150 million in the U.S. The company powers over 38,000 apps for platforms like Apple’s (NASDAQ:AAPL) iOS and Google’s (NASDAQ:GOOG) Android. The technology makes it easier to deliver rich media experiences that are based on data such as user location, behavior and interests.
For the full year of 2012, Millennial Media forecasts revenues of $181 million to $182.5 million. This is actually up from the prior guidance — provided in early August — for revenues of $176 million to $179 million
And the growth is likely to continue into 2013. Keep in mind that 10% of overall media consumption comes from mobile sources, yet ad spending is still only about 1%.
Tom Taulli runs the InvestorPlace blog IPOPlaybook, a site dedicated to the hottest news and rumors about initial public offerings. He is also the author of “How to Create the Next Facebook.” Follow him on Twitter at @ttaulli. As of this writing, he did not hold a position in any of the aforementioned securities.