$MM Started Off Bad and Is Getting Ugly to the Tune of Down 38%

“It’s a grim day for investors in mobile advertising play Millennial Media, as the stock swoons following adisappointing Q4 financial report. Adding to the pressure, Morgan Stanley analyst Jordan Monahan cut his rating on the stock today to Equal Weight from Overweight, asserting that competition in the mobile ad space has emerged sooner than previously expected. Note that Morgan Stanley was the lead underwriter on the Millennial IPO last March. The company launched at $13 a share, and closed the first day of trading at $25; today the stock has dropped to an all-time low.

As noted yesterday, Millennial posted Q4 revenue of $58 million, up 67.8% from a year ago, and up 22% sequentially, but below the Street consensus at $62.9 million. Profits of three cents a share matched the Street consensus. For Q1, the company sees revenue of $48 million to $50 million, below the Street consensus at $56.4 million. The company sees an adjusted EBITDA loss of $1 million to $1.5 million in the quarter; Street consensus had been for an adjusted EBITDA profit of $1.7 million. The company noted on a conference call with the Street that some large brand deals expected in the quarter did not materialize…”

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