Now-public mobile advertising network Millennial Media has reported its financial results for the first quarter of 2012. The company’s revenues rose 53% year-on-year to $32.9m, but its net loss widened from $23k in Q1 2011 to $4m in Q1 2012. Millennial says it was reaching 300m monthly unique users worldwide at the end of Q1, with 140m of them in the US. More than 30k apps are using its platform. “We are aggressively investing given we are still in the early stages of a large and rapidly growing mobile advertising market,” says president and CEO Paul Palmieri in a statement. What’s striking – and this is by no means a criticism of this individual company – is the relatively small revenues for what’s the largest independent mobile ad network in contrast to, say, the $700m that Apple paid to developers for paid apps and IAP sales in Q4 2011. Which, as Palmieri says, is a sign that this mobile advertising market remains early.
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