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Business News

Millennial raises 3Q revenue

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Published: Monday, 15 Oct 2012 | 12:05 AM ET

BALTIMORE -- Millennial Media Inc. raised its third-quarter revenue forecast Monday on increasing demand, but the mobile advertising company said it expects to post a net loss for its third quarter.

The Baltimore-based company anticipates revenue of $46.5 million to $47 million, up from its prior outlook of $43.5 million to $45 million. Analysts polled by FactSet were expecting $44.6 million.

Millennial says it will post a net loss of $1.9 million to $2.4 million.

The company also said Monday that it has filed regulatory plans to sell up to a million shares in a follow-up offering, with stockholders selling an additional nine million shares.

Morgan Stanley & Co. LLC, Goldman, Sachs & Co. and Barclays Capital Inc. will manage the offering.

Millennial shares fell 24 cents to $15.78 in midday trading.

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BALTIMORE-- Millennial Media Inc. raised its third-quarter revenue forecast Monday on increasing demand, but the mobile advertising company said it expects to post a net loss for its third quarter. The Baltimore- based company anticipates revenue of $46.5 million to $47 million, up from its prior outlook of $43.5 million to $45 million.

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