Mobile ad network operator Millennial Media, currently the second largest company in this space behind none other than Google, held its first ever earnings call this week.  They went public in late March, selling over 10 million shares for $13 a pop.

The company reported a net loss of $4 million or 32 shares – more than the $23,000 or 8 cents per share in the same period last year.  Excluding items Millennial’s losses for the period shrink down to 5 cents per share, beating analysts’ estimates with a 2 cent margin.

Revenue increased 53 percent year over year to $32.9 million in the first quarter, beating the market’s expectation of $30 million.  And the company’s guidance for the next quarter didn’t disappoint either at $37 million to $38 million – a definite step up from the $36.7 million that a Reuters poll came up with.

MM closed at $15.45 on Monday.

“Our first quarter performance exceeded expectations with strong year over year revenue growth, as well as expansion in the numbers of unique users and apps on the Millennial Media platform,” stated Paul Palmieri, Co-Founder, President and CEO of Millennial Media.

While the financial scene is looking bright for Millennial, just about every major player in IT it’s now facing some legal trouble from their rivals.  And for Millennial it’s Augume Technologies claiming that the mobile advertiser infringed of its three patented methods to tailor content delivery to end user machines.

The lawsuit was filed a few days after Millennial went public.