- MeetMe (NASDAQ:MEET) now expects Q3 revenue of $14.2M, +22% Y/Y and above prior guidance of $12.5M-$13M. The 2-analyst consensus is at $12.7M.
- Adjusted EBITDA is expected to total $5.1M, +134% Y/Y and above prior guidance of $2M-$3M. The figure excludes a $5.8M one-time write-off of ad inventory management partner Beanstock Media's accounts receivable balance.
- CFO David Clark: "We believe our quarterly revenue growth in excess of 20% year over year reflects continued growth in mobile engagement and the effective management of mobile advertising inventory. We significantly increased adjusted EBITDA year over year largely as a result of mobile revenue growth and prudent cost controls." He adds MeetMe intends to "vigorously pursue repayment" in spite of the Beanstock write-off.
- Shares have soared to $2.00 premarket. Q3 results will arrive in early November.
- Yesterday: MeetMe appoints CTO, hires engineering SVP