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MeetMe (MEET) Stock Gains on Raised Guidance

NEW YORK (TheStreet) -- Shares of MeetMe (MEET - Get Report) were gaining 18.1% to $1.96 on Wednesday after the social networking company reported preliminary third quarter financial results above its previous guidance.

MeetMe said it expects to report revenue of about $14.2 million for the third quarter, a 22% increase from the year-ago quarter, and above its earlier guidance of $12.5 million to $13 million for the quarter. Analysts expect the company to report revenue of $12.7 million for the quarter.

The company said it expects to report EBITDA of $5.1 million for the third quarter, up 134% from the year-ago quarter, and above its $2 million to $3 million guidance. The estimate excludes a $5.8 million one-time write-off of ad inventory management partner Beanstock Media's accounts receivable balance.

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"We believe our quarterly revenue growth in excess of 20% year over year reflects continued growth in mobile engagement and the effective management...


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