Millennial Media held an earnings call for its second quarter this week, and while losses widened considerably the company reported some stellar growth that did not disappoint Wall Street.

Millennial lost $2.2 million, or 3 cents a share, compared with $152,000 a year earlier, or 9 cents a share. The company’s operating expenses nearly doubled, but at the same the number of outstanding shares nearly quadrupled in the past 12 months.  Their operating margin increased to 39.7 percent from 39.1 percent.

Analysts expected Millennial to post a loss of 5 cents a share.

In the same period, the mobile ad network operator has seen sales increase by 76 percent year over year to $39.4 million, higher than its own projection of $37 million and $38 million but in-line with market expectations.   To top it all off, Millennial bumped its yearly guidance up to $176- -$179 million from $173-$176 million.

As of June 30 Millennial served more than 350 million monthly unique users, and founding CEO Paul Palmieri also credited the Q2 growth to an increase in the company’s application ecosystem.

“During the second quarter, we increased the number of apps enabled on our platform by nearly 17% to more than 35,000 apps. Shelf space with developers is limited. Most developers can integrate only a small number of SDKs in to their apps. So the growth of our app pace is indicative of how critical our platform is for large and small developers and strong recognition of the value they see in direct implementations with Millennial Media.”

Unlike a few of its biggest competitors, Millennial has the advantage of not being limited to only one platform. It recently even released a software development kit for Windows Phone 7, Microsoft’s established, although still emerging mobile OS.