Velti Narrows Loss In Q2
Mobile marketing company Velti Tuesday reported a narrowing loss and steady revenue growth in the second quarter across its business units and geographic markets globally. On an adjusted basis, the company posted a net loss of $900,000, or one cent per share, compared to $2 million, or four cents per share in the year-earlier period.
Revenue reached $58.7 million, up 71% from a year ago. Analysts had expected a loss of one cent per share on revenue of $56.9 million.
During the quarter, Velti said it completed the integration of two recent acquisitions—Air2Web and Mobile Interactive Group—and signed on new customers that will help drive revenue in the fourth quarter.
“Despite global macro-economic weakness, the secular growth story of the mobile channel overwhelms any cyclical macro concerns,” said CEO Alex Moukas, in the earnings release. “We experienced healthy growth across our products and geographies, especially in the Americas, Western Europe and Asia.”
The Americas contributed $16.7 million, or 29% of revenues, up from $7.4 million a year ago. Velti, which is based in San Francisco and Dublin, Ireland, expects the U.S. to be its single largest market this year. Looking ahead, the company projects third quarter revenue in the range of $60 to $64 million, and $285 million to $296 million for the full year.