Mobile Ad Network Millennial Media Is Down 45% After Reporting Earnings

This is an eye popper: Millennial Media is down 45% in after hour trading following an earnings report that was worse than expected.

Millennial is a mobile ad network that did $72.6 million in revenue during Q1 versus expectations of $75.52 million. It had EPS of -$0.12, versus expectations of -$0.10.

The guidance is really bad. Analysts were looking for $96.4 million next quarter, but Millennial is forecasting $70 million to $75 million.