Some companies may be struggling to turn record profits in the present economy, but Velti isn’t one of them.
On Thursday afternoon Velti, the global provider of mobile marketing and advertising solutions, announced financial results from Q3 2012.
All told, Velti saw record revenue of $62.4 million in Q3. That represents a 62% increase from the same quarter last year.
Velti’s earnings are representative of explosive growth for the industry overall. In the first half of 2012, mobile ad revenues (industry-wide U.S.) nearly doubled their 2011 rate, topping $1.2 billion, according to IAB. And, as eMarketer reported, total global mobile ad spending is expected to reach $6.43 billion in 2012.
“We achieved strong revenue and gross profit growth in the third quarter with continued solid demand for our services as mobile continues to emerge as a highly strategic and effective channel for brands to establish, enhance and manage customer relationships,” said Alex Moukas, Velti’s chief executive officer.
“We had a tremendous quarter in terms of contracts signed with new and existing customers and are very pleased with the size and scope of the attendant campaigns, as well as the geographic origin of the customers, reflecting our success in driving revenue from our target geographies, including the United States, United Kingdom and Western Europe,” he concluded.