Millennial Media Reports Better Than Expected Q2 Results

On Wednesday evening, Millennial Media reported earnings for the second quarter of 2012.

Shares bounced 23% to $12.50 in after-hours trading in response to the company’s better-than-expected results.

Millennial Media also raised its full-year guidance.

Second-quarter losses, however, grew as a spike in operating expenses ballooned past the mobile advertising giant’s revenue growth.

Based on details provided in the earnings report, Millennial Media now sees full-year revenue of somewhere between $176 million to $179 million, slightly up from its previous projections.

“We delivered strong revenue growth of 76% year over year, along with expanded gross margin performance and improved operating leverage in the second quarter,” stated Paul Palmieri, Co-Founder, President and CEO of Millennial Media.

“We now have over 35,000 enabled apps on our mobile advertising platform, which we believe underscores the compelling value proposition we bring to our developer partners,” he adds. “During the quarter, we also grew our base of advertising clients who rely on us to deliver targeted audiences for high impact campaigns across a broad range of mobile devices.”

To read the company’s earnings summary, click here.