• by Tyler Loechner  @mp_tyler, February 26, 2015

Programmatic video ad platform TubeMogul on Thursday announced its fourth-quarter 2014 earnings, beating estimates by around $4 million with $36.1 million in revenue on the quarter. The company’s 2014 revenue was $114.2 million, double that of 2013.

Despite the beat, shares of TubeMogul (“TUBE”) dropped over 25% in after-hours trading.

Advertisers spent $254.3 million through TubeMogul in 2014, up from $111.9 million in 2013. In the fourth quarter, TubeMogul saw advertisers spend $82.6 million on its platform.

TubeMogul saw spend coming directly from brands increase 500% year-over-year, jumping from 7% of all spend in 2013 to 15% in 2014. 

That’s a trend that may continue into 2015. Mondelez, for example, used TubeMogul’s new programmatic TV software to buy a local Super Bowl ad during this year’s big game.

In a conference call following the earnings, TubeMogul CEO Brett Wilson highlighted the company’s programmatic TV plan.

“TV is still by far the largest of all advertising marketers,” said Wilson.

Programmatic TV and cross-screen video advertising will be TubeMogul’s areas of focus in 2015, Wilson said. And while he doesn’t believe it will be a “material revenue generator this year,” he asserted that the company is “building the pipes now to unlock a truly enormous opportunity in 2016 [and beyond].”

For the first quarter of 2015, TubeMogul is expecting revenue in the range of $28 million and $30 million. For 2015 as a whole, TubeMogul is projecting revenue between $142 and $152 million.