Velti PLC's shares jumped in trading Tuesday after the mobile marketing company reported that its revenue soared in the second quarter. It also raised its full-year outlook.
The Dublin-based company said it grew its business across a variety of industries and has signed agreements with a number of new brands that should help drive future business. CEO Alex Moukas said the company has successfully integrated two recent acquisitions, Air2Web and Mobile Interactive Group.
Velti reported a loss of $17.7 million, or 28 cents per share, for the quarter. That's compared with a loss of $25.1 million, or 47 cents per share, in the same quarter last year. It posted a loss of 1 cent per share versus 4 cents per share after adjusting its earnings before interest, taxes, depreciation and amortization.
Revenue soared nearly 71 percent to $58.7 million from $34.4 million.
Velti's revenue from software as a service, which makes up the bulk of its business, increased nearly 78 percent to $49 million. Its managed services revenue more than doubled to $6.8 million. And its license and software revenue fell to $2.9 million from $4.1 million.
Analysts polled by FactSet were expecting the company to post a loss of 1 cent per share on revenue of $56.9 million for this year's second quarter.
Velti said it expects revenue within the range of $285 million to $296 million for the full year, raising the lower end of the range from a forecast given in May of between $283 million and $296 million. Analysts are expecting $290.9 million.
It forecast revenue of $60 million to $64 million for the third quarter. Analysts are forecasting revenue of $61.1 million.
Velti's shares rose 87 cents, more than 12 percent, to $7.91 in afternoon trading.