Millennial Media Boosts Q4 Outlook; Founder, CEO Palmieri Resigns

(RTTNews) - Mobile ad company Millennial Media Inc. (MM) said Monday that it now expects fourth quarter pro forma combined revenue, including results of the company's Jumptap, Inc. subsidiary for the entire quarter, to be between $106 million and $109 million, up from its previous expectation of $95 million to $100 million.

Reported revenues for the fourth quarter of 2013 are expected to be in the range of $93 million to $96 million.

Analysts polled by Thomson Reuters currently expect the company to post revenue of $89.03 million for the fourth quarter.

Pro forma combined Adjusted EBITDA for the fourth quarter is now expected to be in the range of $5 million to $6 million, compared to the company's earlier expected range of breakeven to $2 million. 

Separately, Millennial Media said that company founder and CEO Paul Palmieri has resigned from his post as CEO and from its board of directors effective immediately.

Palmieri will join New Enterprise Associates as Venture Advisor focused on technology out of its Chevy Chase, Maryland office.

To replace Palmieri, Millennial Media has appointed Michael Barrett as CEO and member of its board of directors. Barrett most recently served as Chief Revenue Officer of Yahoo! Inc. (YHOO). Prior to Yahoo!, he was the CEO of AdMeld, which was acquired by Google Inc. (GOOG) in 2011.

Millennial Media shares are currently trading at $7.28, up 57 cents or 8.49%.