AutoNavi Holdings Limited Earnings: Here’s Why Investors Don’t Like These Results
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 6.17%.
AutoNavi Holdings Limited Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 29.17% to $0.17 in the quarter versus EPS of $0.24 in the year-earlier quarter.
Revenue: Decreased 3.84% to $34.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: AutoNavi Holdings Limited reported adjusted EPS income of $0.17 per share. By that measure, the company missed the mean analyst estimate of $0.19. It missed the average revenue estimate of $40.38 million.
Quoting Management: “Our first quarter results reflect the implementation of our mobile strategy for 2013 and the degree to which we have reinvested in our business to advance our product technology and increase our market share,” said Mr. Congwu Cheng, AutoNavi’s chief executive officer. “We remain committed to investing in our people and products in order to build a world-class location-based service platform for hundreds of millions of users on the go.”
Key Stats (on next page)…