Reached more than 420m users globally.
IDC recently claimed that mobile ad networks are losing market share in the US to publishers like Facebook, saying the latter dominates the display ad spend.
However, Millennial Media has released Q1 financials ending March 31st to show that revenue reached $49.4 million, a 50.1 per cent year-on-year increase from $32.9m in Q1 2012.
The ad firm reports a reach of over 420m users globally, with 160m in the US alone, while over 42,000 apps were integrated into the Millennial's platform.
Paul Palmieri, Millennial Media’s president and CEO, said: "We’ve gotten off to a solid start this year, with good growth and continued innovation. Usage of our platform continued to grow, with strong margins.
"We delivered a major new release of our SDKs, we closed on our acquisition in the programmatic mobile space, and we delivered financial performance consistent with or ahead of our prior guidance."
Millennial predicts Q2 revenue to be between $58m and $60m.