Millennial Media Q1 Results Miss Estimates; Guides Q2 Revenue Below Consensus

(RTTNews) - Millennial Media, Inc. (MM) reported a net loss for the first quarter of $12.9 million or $0.12 per share, compared to net loss of $3.8 million or $0.05 per share for the year-ago quarter.

Excluding items, adjusted loss per share for the first quarter was $0.04, compared to an adjusted loss per share of $0.01 in the prior year quarter.

For the first quarter of 2014, revenue increased 46.9% to $72.6 million from $49.4 million a year ago.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.10 per share on revenue of $75.52 million for the first quarter.

Looking forward, Millennial Media expects total revenue for the second quarter to be in the range of $70 million to $75 million. Analysts currently expect the company to post revenue of $96.40 million for the second quarter.

In addition, the company said that Michael Avon, Executive Vice President and Chief Financial Officer, will step down from his position at the end of the second quarter of 2014 to pursue other career interests. He will continue to serve Millennial Media in an advisory role for a transitional period after he steps down as CFO.

The company said it has begun a search for a permanent replacement to fill that role.