Programmatic video ad platform TubeMogul on Tuesday released its Q2 2014 financial results, announcing that it pulled in $28.7 million in revenue, up 127% year-over-year. The company reported $22 million revenue in Q1 2014.
The company’s gross profit for the quarter was $19.6 million, up from $15.8 million in Q1. Advertisers spent $61.1 million through TubeMogul in Q2 2014, up from $48 million in Q1 2014.
The strong earnings report has caused shares of TubeMogul to jump over 25% in after hours trading.
During Q2, TubeMogul took advantage of a trend occurring in digital advertising today: advertisers looking to become more hands-on with programmatic technologies. Specifically, TubeMogul struck a major partnership with Mondelez International, the CPG brand that is home to Oreo and other major snack foods. The company also inked a deal with Harmelin Media, an independent full-service ad agency, to support the in-house trading desk the agency was building.
In a similar vein, the number of clients using TubeMogul’s ad-buying platform on a self-serve basis -- rather than as a managed service -- increased to 283 in Q2 2014, up from 143 at this time last year. TubeMogul attributes part of their growth to this trend.
“TubeMogul delivered strong financial results in the second quarter as clients continue to adopt our self-serve software to execute their global video advertising campaigns,” stated Brett Wilson, CEO of TubeMogul.
Advertisers using TubeMogul’s software on a self-serve basis spent $44 million last quarter, accounting for 72% of all spend on TubeMogul’s platform.
Looking ahead, TubeMogul anticipates total spend through its platform to be in the $46 million to $48 million range in Q3 2014, with total revenue in the range of $20 million to $22 million. The company anticipates total gross profit in the range of $13 to $15 million.
On the year as a whole, TubeMogul anticipates total revenue of between $98 million and $102 million, with total gross profit in the range of $66 million to $70 million. Spend through the platform in 2014 as a whole is expected to be between $218 million and $222 million.