TubeMogul Shares Surge On Strong Q2 Results

(RTTNews) - Online video advertising company TubeMogul, Inc. (TUBE) on Tuesday reported a turnaround to profit in the second quarter on revenues that more than doubled from last year.

This is the company's first earnings results after its initial public offering. Shares of TubeMogul gained more than 33 percent in extended trades.

Brett Wilson, CEO of TubeMogul said, "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."

For the second quarter, the Emeryville, California-based company's net income attributable to common stockholders was $369 thousand or $0.01 per share, compared to net loss of $2.61 million or $0.39 per share in the year-ago period.

On average, five analysts polled by Thomson Reuters expected the company to report loss of $0.15 per share for the quarter.

Revenue for the quarter more than doubled to $28.72 million from $12.64 million in the year-ago period. Analysts had a consensus revenue of $24.70 million.

The company increased the number of Platform Direct clients at the end of the quarter to 283 from 143 clients at the end of the year-ago quarter.

Total operating expenses for the quarter increased 71 percent to $17.93 million from $10.46 million last year. Total spend more than doubled to $61.10 million from $25.16 million in the year-ago period.

Looking ahead to the third quarter, TubeMogul forecasts revenue in a range of $20 million to $22 million, and total spend of $46 million to $48 million. Street expects the company to report revenues of $18.94 million.

For fiscal 2014, TubeMogul forecasts revenue in a range of $98 million to $102 million, and total spend in a range of $218 million to $222 million. Analysts expect revenues of $91.71 million for the year.

TUBE closed Tuesday's trading at $9.22, down $0.02 or 0.22 percent on a volume of 318,159 shares. However, in after-hours, the stock gained $3.08 or 33.41 percent to $12.30.