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Millennial Media reports more losses in 2nd quarter

Baltimore-based Millennial Media’s second-quarter results showed the independent mobile ad marketer continuing to struggle, with the company reporting a net loss of $15.5 million compared to $15.2 million for the similar period last year.

Revenue was $65.8 million compared to $67.3 million in the second quarter of 2014. Revenue for the second quarter of 2015 was comprised of $57.1 million for Managed Media and $8.7 million for Platform.

Adjusted EBITDA for the period was a loss of $6.9 million, compared to a $6.1 million loss for the period in 2014.

“We have built a strong, comprehensive mobile ad marketplace, with what we believe are the right tools and talent to help meet the needs of our dynamic market,” said Michael Barrett, President & CEO of Millennial Media. “Clearly however, revenue is ramping more slowly than we had hoped. We are evaluating strategic opportunities to maximize the value of our capabilities in this rapidly evolving ecosystem.”

For the third quarter, the company expects adjusted EBITDA to be in the range of a loss of $7 million to $8 million.