Marin Software (MRIN -12.7%) has fallen 30% since posting a Q1 beat; shares are now down 29% from March's $14 IPO price. Marin forecast Q2 revenue of $17.6M-$18M and EPS of -$0.31 to -$0.33 vs. a consensus of $17.8M and -$0.33, and 2013 revenue of $75M-$76.2M and EPS of -$1.19 to -$1.16 vs. a consensus of $74.4M and -$1.20. Aggressive spending is yielding big losses: Marin's opex rose 38% Y/Y in Q1 to $19.6M, above rev. growth of 32%. On the earnings call, a UBS analyst raised questions about new deal activity slowing Y/Y, and Q/Q rev. growth slowing markedly from a year ago. Adobe (ADBE), whose AdLens unit (formerly Efficient Frontier) is a major rival of Marin's, fell 3% yesterday.