Buongiorno, an Italian mobile entertainment company, which dabbles in everything from mobile games, videos and wallpapers to services, such as TV voting, quizzes and mobile TV, reported its 2007 earnings today and that it will be investing $16 million in mobile social networks.

The Milan-based company said 2007 profits increased 13 percent to $21.5 million compared to the previous year, and revenues, including results from the recently acquired iTouch, totaled $497 million. Before the iTouch acquisition, Buongiorno (BIT: BNG) recorded EBITDA of $33.6 million on revenues of $272.6 million, which fell in line with the company’s guidance. The company provided guidance for 2008, forecasting revenues of up to $548 million and EBITDA of up to $70 million.

This year, Buongiorno said it will invest heavily in BING, a mobile social network. Based on a successful market test in South Africa and Austria, which launched in June 2007, Buongiorno plans to roll out the service to nine new regions, including the UK, Brunei, India, Indonesia, Italy, the Netherlands, Spain, Switzerland and Vietnam. To date, Buongiorno said BING facilitates more than 20 million messages a week and more than 1.2 million logins. 

• Buongiorno Invests $15.5 Million Into Social Net BING