CORRECTED-UPDATE 1-Millennial Media's revenue forecast beats estimates

May 15 (Reuters) - Mobile advertising firm Millennial Media Inc forecast second-quarter revenue above analysts' estimates, but its shares went down 9 percent after the bell.

The company forecast revenue of $37 million to $38 million. Analysts on average were expecting $36.7 million, according to Thomson Reuters I/B/E/S.

Revenue for the first quarter rose 53 percent to $32.9 million, ahead of estimates of $30 million.

Net loss widened to $4 million, or 32 cents per share, from $23,000, or 8 cents per share, a year earlier.

Excluding items, the company, which went public in March, posted a loss of 5 cents per share. Analysts were expecting a loss of 7 cents per share.

Millennial Media helps mobile developers and advertisers come up with advertisements catered specifically to smartphones, tablets and other mobile devices. It is the largest independent player in the space, where it competes with offerings from Apple Inc and Google Inc.

Shares of the company closed at $15.45 on Monday on the New York Stock Exchange.