Millennial Media: We're not threatened by Facebook, Twitter's ad efforts
Millennial Media (NYSE:MM) reported revenues of $49.4 million for the first quarter of 2013, a year-over-year increase of 50.1 percent. Around 18 percent of the company's revenue came from outside the United States.
During the company's earnings call, Millennial executives emphasized that the company is not threatened by newcomers to the mobile advertising space, including Facebook (NASDAQ:FB) and Twitter. Paul Palmieri, Millennial Media's president and CEO, explained that the "vast majority (of advertisers) still use third-party platforms like us."
"Both (Twitter and Facebook) have had early success in monetizing their own inventory," said Palmieri. He added that in the near term, both companies may stimulate the market and increase overall ad spend, but they are not in direct competition.
"Facebook, are they selling something different? Yes, fundamentally they are," said Palmieri. "Our strength and our core business lies in the brand area and the performance stuff. I don't think we're selling the same thing," he added, emphasizing the breadth of services Millennial offers.
The company reported that according to research firm IDC, Millennial now controls 18 percent of the third-party mobile ad market, second only to Google (NASDAQ:GOOG).
"Usage of our platform continued to grow, with strong margins. We delivered a major new release of our SDKs, we closed on our acquisition in the programmatic mobile space, and we delivered financial performance consistent with or ahead of our prior guidance," said Palmieri in a prepared statement.
Millennial reported that its platform is now featured in 42,000 apps as of the end of the first quarter, up from 39,000 at the end of 2012 and 30,000 at the end of the first quarter of 2012.
Earlier in the quarter the company closed its acquisition of Metaresolver, a mobile media buying platform, and absorbed its technology and executive team.
- see this release
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