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What: Shares of Millennial Media (NYSE:MM) have plunged by over a third today, down by 39% at the low, after the company announced earnings and an acquisition.

So what: Revenue in the fourth quarter came in at $58 million, which was short of the $62.9 million in sales that the Street was modeling for. Earnings per share totaled $0.03, which was on target with expectations. The company also said it was acquiring Metaresolver in an all-cash deal, but declined to disclose the purchase price.

Now what: Outlook was also soft, with first-quarter revenue expected in the range of $48 million to $50 million, and full-year sales should be $270 million to $280 million. Compare those forecasts with consensus estimates of $56.7 million in revenue in the first quarter and $290.1 million in sales for 2013. CEO Paul Palmieri said revenue was light because the company didn't pursue some smaller deals and several larger deals did not close.

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Fool contributor Evan Niu, CFA, has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.