AutoNavi Holdings Ltd. (AMAP) Reports Q1 Loss of $0.61/ADS

AutoNavi Holdings Ltd. (NASDAQ: AMAP) reported Q1 EPS of ($0.61), versus ($0.17) reported last year. Revenue for the quarter came in at $23.1 million, versus $34.3 million reported last year.

Automotive Navigation

Net revenues from the Company's automotive navigation business in the first quarter of 2014 were $14.5 million, compared to $15.5 million in the first quarter of 2013, and $18.6 million in the fourth quarter of 2013. The changes were partially attributable to one of the Company's existing customers, BMW, which shifted some of its latest car models to another map data provider and a decline in blended average selling prices ("ASP"), as the Company's business continues to include more mid-range automobiles with lower ASPs.

Mobile and Internet Location-based Solutions

In the first quarter of 2014, net revenues from the Company's mobile and Internet location-based solutions business were $6.5 million, compared to $13.9 million in the first quarter of 2013, and $8.9 million in the fourth quarter of 2013. The changes were primarily due to the Company's decision in August 2013 to make its premium navigation app freely available to users.

Public Sector and Enterprise Applications

In the first quarter of 2014, net revenues from the Company's public sector and enterprise applications business were $1.8 million, compared to $4.3 million in the first quarter of 2013 and $3.1 million in the fourth quarter of 2013. The changes resulted from the Company's strategic shift of internal resources to support and develop its mobile offerings.

For earnings history and earnings-related data on AutoNavi Holdings Ltd. (AMAP) click here.

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