Mobile advertising network Millennial Media has published its latest quarterly financial results, revealing that revenues rose 88% year-on-year to $47.4m in Q3 2012.

However, the company didn’t quite edge into the black, reporting a net loss of $1.8m, compared to $0.2m a year ago.

Millennial says its ads now reach 380m monthly unique users, with 150m of those in the US. More than 38k apps are using the company’s platform for advertising.

The company is predicting revenues of between $61.5m and $63m for the fourth quarter of 2012, in the lucrative run-up to Christmas. That would take it to $181m-$182.5m for 2012 as a whole.

President and CEO Paul Palmieri was on bullish form in the company’s earnings call. “There has been a lot of discussion in the media lately about a mobile monetization problem from our perspective,” he told analysts. “There is no mobile monetization problem just the growing opportunity for Millennial Media to capitalise on.”

However, he did note that people’s consumption of media on mobile devices is still outstripping advertisers’ shifts in where they spend their budgets, although Palmieri suggested they’ll start catching up soon.

Palmieri also talked approvingly about Millennial’s performance with tablet ads – “the larger the canvas that we can put out there for an advertiser to paint, the higher the price” – noting that tablets and other non-phone connected devices account for around 20% of the company’s business.