Why AutoNavi Shares Jumped
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of AutoNavi have jumped today by as much as 10% after the company reported better-than-expected earnings.
So what: Revenue in the fourth quarter came in at $43.6 million, which resulted in non-GAAP net income of $11 million, or $0.22 per share. Both figures topped analyst forecasts, which were calling for $39.4 million in sales and $0.20 per share in adjusted profit. CEO Congwu Cheng said the company has many exciting mobile mapping opportunities ahead of it.
Now what: AutoNavi expects full-year sales to be in the range of $168 million to $176 million, which would represent gains of 5% to 10% over 2012 results. The Street is expecting 2013 revenue of $174.4 million. The company announced a $50 million share repurchase plan a year ago, and said today that it had repurchased roughly $29.2 million in shares over the past year. The program has now concluded, as it was only good through Feb. 26, 2013.
Interested in more info on AutoNavi? Add it to your watchlist by clicking here.
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The article Why AutoNavi Shares Jumped originally appeared on Fool.com.Fool contributor Evan Niu, CFA, has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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