"We are quite pleased with the company's first quarter revenue growth, particularly in this uncertain economic environment," said Judson Green, president and chief executive officer. "The first quarter was also the beginning of a very important investment year for the company as we continue to develop the next generation products and services our customers demand. As we anticipated, first quarter earnings growth was dampened by a planned increase in spending on capabilities we consider essential to our future success."
Revenue from NAVTEQ's Europe, Middle East & Africa (EMEA) region totaled $114.5 million in the quarter, up 31% from the first quarter of 2007. Excluding the impact of foreign currency rate fluctuation, EMEA revenue for the first quarter grew 17%. Revenue for the Americas region was
$108.9 million in the quarter, a 54% increase over the first quarter of 2007. Asia Pacific revenue was $1.1 million in the quarter, a decline of 43% from the first quarter of 2007.
Navteq sold 1.2 million in-dash map units during the quarter - a 16% increase versus Q1 2007 - and 4.87 million portable map units (onboard maps in PND, PDA and smartphones) - a 129% increase
Navteq indicated a strong quarter for wireless maps in North America, “driven by continued promotion and bundling of VZ Navigator [Verizon Wireless] with other services”; however, Navteq did not offer more precision about its revenue in this segment.