Millennial Media celebrated it’s “Independence Day” on Wall Street yesterday as the company reported earnings for the first quarter of 2013.
What’s more, the mobile ad giant declared during its earnings call that Millennial Media will remain independent for the foreseeable future. That is, the public company is not for sale.
Millennial Media Chief Executive Officer Paul Palmieri was adamant about shooting down speculation that his company is ripe for a takeover.
“We’re operating on all cylinders as an independent player in this marketplace,” Palmieri said yesterday. “It doesn’t surprise me that that would be attractive to someone, but we are pursuing our independent path now and for the forseeable future.”
For the first quarter of 2013, MM said revenue increased to $49.4 million from $32.9 million for the first quarter of 2012, a year over year increase of 50.1%.
Meanwhile, for the three month period ending March 31st of this year, gross margin improved to 41.6% from gross margin of 39.5% for the first quarter of 2012.
Net income (loss), on a GAAP basis, was $(3.8) million, compared to net income (loss) of $(4.0) million for the first quarter of 2012.
“We’ve gotten off to a solid start this year, with good growth and continued innovation,” Palmieri said in a written statement. “Usage of our platform continued to grow, with strong margins. We delivered a major new release of our SDKs, we closed on our acquisition in the programmatic mobile space, and we delivered financial performance consistent with or ahead of our prior guidance.”