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Millennial Media, Inc. (MM)

  • Mon, Mar. 9, 4:46 PM
    • Millennial Media (NYSE:MM) expects Q1 revenue of $55M-$58M, below a sole analyst estimate of $66M. However, full-year revenue guidance of $311M-$342M is in-line with a $321.2M 2-analyst consensus, and going over well in light of Millennial's recent woes.
    • Q1 and full-year billings guidance is respectively at $69M-$72M and $435M-$459M. Between them, Millennial and recently-acquired supply-side mobile ad platform Nexage had 2014 revenue of $302.5M and billings of $348.3M.
    • Nexage, which Millennial finished acquiring on Dec. 4, had Q4 revenue of $3.6M and billings of $18.5M. Overall, Millennial reached 650M+ users globally (175M in the U.S.) at the end of Q4, and supported ~60K apps on its ad platform; both figures are flat Q/Q for the second straight quarter (previous).
    • Gross margin was 38.3% vs. 37.8% in Q3 and 38.7% a year ago. Millennial/Nexage's combined pro forma operating expenses totaled $42.6M; Millennial's year-ago GAAP operating expenses totaled $41.2M.
    • Adjusted EBITDA was -$1.8M. Millennial is guiding for Q1 adjusted EBITDA of -$14M to -$15M. Full-year adjusted EBITDA is simply expected to be "positive."
    • Shares have risen to $1.72 AH.
    • Q4 results, PR
  • Mon, Mar. 9, 4:11 PM
    • Millennial Media (NYSE:MM): Q4 EPS of -$0.02 beats by $0.05.
    • Revenue of $86.4M (-10.6% Y/Y) beats by $13.13M.
    • Shares +6.9%.
    • Press Release
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  • Wed, Mar. 4, 11:37 AM
    • Bloomberg reports Facebook (FB +0.8%) is working on a mobile ad platform for 3rd-party apps that would compete against Twitter's (TWTR -2%) popular MoPub mobile ad server/exchange platform for publishers. Twitter is lower following the news.
    • Bloomberg adds Facebook could unveil the offering at its annual f8 developer's conference (March 25-26), and might also make several other ad announcements at the time.
    • Facebook used last year's f8 conference to launch its Audience Network, which allows advertisers to sell ads on 3rd-party apps while leveraging Facebook data and targeting tools. The company later launched a revamped version of its Atlas ad-serving/measurement platform that links measurement of both Facebook and non-Facebook ads to user profiles.
    • Whereas Audience Network provides a set of Facebook ad units for publishers and advertisers, MoPub is a publisher-centric (i.e. supply-side) platform that gives developers a variety of tools (and access to many ad-buying platforms) for monetizing their ad inventory. Thus, creating a MoPub rival would represent an expansion of Facebook's efforts to act as an ad partner for app publishers.
    • Google's (NASDAQ:GOOG) AdMob is a major player in this space. Millennial Media (MM -0.9%) remains a notable independent player, in spite of its recent struggles.
  • Dec. 16, 2014, 10:50 AM
    • Jason Kelly, hired a couple months ago to be the head of Millennial Media's (NYSE:MM) Managed Media (brand/performance ad sales) business, discloses he bought 125K shares last Friday at $1.65.
    • Earlier this month, CFO Andrew Jeanneret bought 15K shares at $1.58.
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  • Dec. 9, 2014, 1:25 PM
    • Mobile ad network owner Millennial Media (MM +8.4%), programmatic ad-buying platform Rocket Fuel (FUEL +5.3%), and video ad tech platforms Tremor Video (TRMR +6.4%) and TubeMogul (TUBE +8.5%) are among the day's standouts.
    • The Rubicon Project (RUBI +1.9%), Criteo (CRTO +2.1%), and Sizmek (SZMK +2%) are up more moderately, but still outperforming. The Nasdaq is up 0.1%.
    • With the exceptions of TubeMogul and Criteo, the group has had a rough year. Yesterday, Strategy Analytics published an analysis of the online media ops of 44 publicly-traded companies (inc. giants such as Google, Facebook, and Amazon) in which its estimated the companies' online ad sales collectively rose 24% Y/Y in 1H14.
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  • Nov. 13, 2014, 9:50 AM
    • Millennial Media (NYSE:MM) has formed a one-year partnership with ad giant Interpublic (NYSE:IPG). The deal covers all of Interpublic's "creative, digital, marketing services and media agencies."
    • Interpublic's Cadreon ad-buying platform will be integrated with Millennial's programmatic (automated) ad offerings. The companies declare "IPG agencies and their clients will be eligible for greater efficiencies, custom research, access to Millennial Media's robust and scalable mobile data capabilities, and a first look at the mobile advertising platform's new products."
    • Millennial is adding to the gains it saw last week after beating Q3 estimates and providing weak Q4 guidance.
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  • Nov. 7, 2014, 10:57 AM
    • Initially down slightly in response to its Q3 beat and soft Q4 guidance, Millennial Media (NYSE:MM) is now sharply higher.
    • 12.8M shares (23% of the float) was shorted as of Oct. 15. Many of those shorts are staring at huge paper profits.
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  • Nov. 7, 2014, 9:48 AM
    • Though it beat Q3 estimates, Millennial Media (MM -1.2%) is guiding for Q4 revenue of $70M-$75M, well below an $88M consensus. But with shares down 77% YTD going into earnings, a lot of bad news had already been priced in.
    • The company's mobile ad networks reached 650M+ users in Q3, and supported 60K apps and sites. Both figures are flat Q/Q for the second straight quarter.
    • On an adjusted basis, gross margin fell 80 bps Y/Y to 37.8%. A $93.5M goodwill/asset impairment charge was taken during the quarter. Adjusted EBITDA was -$6.9M, and is expected to be in a range of -$5.5M to -$6.5M in Q4.
    • Q3 results, PR
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  • Oct. 1, 2014, 12:21 PM
    • Jason Kelly, most recently the CEO of e-commerce ad sales firm Sociomatic, has been named the president of Millennial (NYSE:MM) Managed Media business. That puts him in charge of the struggling mobile ad network owner's "global brand and performance sales teams."
    • Kelly has also held senior sales roles at Time, Virgin America, and Google-acquired Admeld. His hiring follows the departure of sales EVP Mollie Spilman to Criteo, and comes on the heels of Millennial's deal to purchase programmatic mobile ad tech provider Nexage.
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  • Sep. 24, 2014, 5:35 PM
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  • Sep. 23, 2014, 12:45 PM
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  • Aug. 12, 2014, 12:45 PM
  • Aug. 11, 2014, 5:38 PM
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  • Aug. 11, 2014, 4:36 PM
    • In addition to missing Q2 revenue estimates (while beating on EPS), Millennial Media (NYSE:MM) is guiding for Q3 revenue of $65M-$70M, well below a $78M consensus. Adjusted EBITDA is expected to drop to -$7M to -$8M from Q2's -$6.1M.
    • No explanation is given in the PR for the guidance. Millennial has been facing tough competition from Google, Apple, and Facebook's mobile ad offerings for some time.
    • GAAP gross margin fell to 40.2% from 41.2% in Q1 and 42.4% a year ago. Adjusted for the Jumptap merger, opex fell 11% Y/Y to $34.8M.
    • Millennial's mobile ad networks reached 650M+ monthly unique users in Q2, and supported 60K apps. Both figures are flat Q/Q.
    • The company had $92.4M in cash at the end of Q2, down from $98M at the end of Q1.
    • Q2 results, PR
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  • Aug. 8, 2014, 5:40 PM
    • Top gainers, as of 5:15 p.m.: BZH +11.7%. MED +10.9%. ELX +9.8%. MM +9.6%. SHOR +5.7%.
    • Top losers, as of 5:15 p.m.: EBIX -7.7%. VLCCF -7.4%. WGL -6.6%. POWR -5.4%. TRQ -5.0%.
  • Jul. 30, 2014, 12:10 PM
    • In addition to soundly beating Q2 estimates, Rubicon Project (NYSE:RUBI) has guided for Q3 revenue of $28.5M-$29.5M and EPS of -$0.20 to -$0.17, mostly above a consensus of $26.5M and -$0.17. Full-year guidance is for revenue of $117M-$119M and EPS of -$0.34 to -$0.41, above a consensus of $112.7M and -$0.53.
    • The online ad network benefited from a 150 bps Y/Y increase in its take rate on gross ad sales to 18.4%. It also got a lift from a 75% increase in gross sales stemming from real-time bidding (RTB - automated ad purchases tied to online activity). Sales/marketing and G&A spending growth led GAAP opex to rise 72% to $35.4M.
    • Rubicon mentioned on its CC (transcript) it has landed a deal with Comcast to power a private ad-buying exchange for the cable giant's Xfinity sites. Ziff-Davis, PBS, and Move were also added as clients.
    • RTB platform owner/Rubicon client Rocket Fuel (FUEL +4.7%) is also rallying, as is mobile ad network owner Millennial Media (MM +2.9%). Millennial might also be getting a boost from Twitter's strong Q2 report; the microblogging platform gets 81% of its ad revenue from mobile, and continues to see rapid growth for its MoPub mobile ad exchange (integrates with Millennial's network).
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Company Description
Millennial Media Incis an independent mobile advertising platform company. It offers advertisers solutions to reach and connect with target audiences across screens from smartphones, tablets and other mobile devices to PCs.
Sector: Services
Country: United States