Millennial Media Inc. (NYSE: MM) reported fourth-quarter and fiscal year 2014 results after markets closed Monday. The mobile advertising platform reported an adjusted net loss per share of $0.02 and $86.4 million in revenues. In the same period a year ago, Millennial reported earnings per share (EPS) of $0.08 on revenue of $96.7 million. Fourth-quarter results compare also to the Thomson Reuters consensus estimates for a net loss of $0.07 and $73.27 million in revenue.

For the full fiscal year, Millennial reported an adjusted per share net loss of $0.18 on revenues of $296.2 million, compared with a net loss of $0.10 and revenues of $259.2 million in fiscal year 2013. Consensus estimates called for a loss of $0.29 on revenues of $283.01 million.

The company’s full-year adjusted net loss excludes an $0.85 charge for impairment of goodwill and intangible assets. On a GAAP basis, the quarterly net loss totaled $0.10, and for the full-year the total GAAP net loss came to $1.36 per share.

The company’s CEO said:

Millennial Media ended 2014 on a high note. We successfully completed our acquisition of Nexage, added several key management personnel, and exceeded our fourth quarter revenue expectations. … We’ve already begun inventory integrations to our owned and operated programmatic exchange, The Millennial Media Exchange powered by Nexage, which will enable hundreds of mobile ad buyers to transact with thousands of developers and publishers. Supported by the foundation of our managed media business, we expect to accelerate our programmatic platform capabilities and revenue production during 2015.

The company’s first quarter outlook calls for GAAP revenues of $55 million to $58 million. Adjusted EBITDA is expected to post a loss of between $14 million and $15 million. For the full 2015 fiscal year, Millennial expects GAAP revenues of $311 million to $342 million and adjusted full-year EBITDA to be positive.

Analysts forecast a first-quarter net loss of $0.05 and a full-year net loss of $0.21. The first-quarter revenue estimate is $66 million and the full-year revenue estimate is $321.15 million.

Investors liked what they heard and sent the stock up nearly 12% in the after-hours session to trade at $1.78, in a 52-week range of $1.28 to $7.75. Thomson Reuters had a consensus analyst price target of around $2.38 from two analysts before the results were announced.

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