Millennial raises 3Q revenue

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.