AutoNavi Holdings Limited (NASDAQ:AMAP) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 16.21%.
AutoNavi Holdings Limited Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 61.54% to $0.1 in the quarter versus EPS of $0.26 in the year-earlier quarter.
Revenue: Decreased 4.98% to $38.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: AutoNavi Holdings Limited reported adjusted EPS income of $0.1 per share. By that measure, the company missed the mean analyst estimate of $0.15. It missed the average revenue estimate of $42.89 million.
Quoting Management: “Our keen focus on our mobile strategy and our investment in expanding the reach of our mobile offerings continue to generate gains in market share for our business,” said Mr. Congwu Cheng, AutoNavi’s chairman and chief executive officer. “During the second quarter, we added a record 21 million mobile map users. Our decision to offer individual users free downloads of our premium navigation app is part of our strategy to broaden the engagement between users and local businesses. We anticipate the move will greatly extend the user reach of our mobile products, allowing us to reach a critical mass of mobile users more quickly.”
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