Advertising technology company MaxPoint Interactive Inc. reported a smaller second quarter loss than last year that beat Wall Street expectations.
The Raleigh-based company reported a net loss of $5 million, or 75 cents per share, compared to a net loss of $6.7 million, or $1.02 per share, in the second quarter of 2016.
Its non-GAAP loss for the quarter was 55 cents per share, which beat expectations of a loss of 75 cents per share.
Revenues dropped 9 percent to $32.8 million in the quarter from the $35.9 million in the second quarter of last year.
“During the second quarter, we saw significant growth from new products and our path to profitability as we begin to reap the benefit of fundamental changes made to our business in 2016,” said Chief Executive Officer Joe Epperson in a statement.
Epperson said the company is on track with its goal of becoming adjusted EBITDA positive in 2017 and cash flow positive in 2018.
MaxPoint’s shares fell 19 cents to $5.65 in Monday trading.
The company’s total number of enterprise customers decreased to 735 in the second quarter, down 4 percent from 764 for the second quarter of 2016.
Revenue from mobile advertising on phones and tablets accounted for 57 percent of revenue, up from 45 percent of revenue in the second quarter of 2016.
MaxPoint said Monday it expects third-quarter revenue to be between $25 million and $28.2 million. The current analyst estimate is for revenue of $26.4 million.
It also said that it expects 2017 revenue to be between $101.5 million and $105.5 million. The current analyst estimate is for $103.5 million.