Chinese map data and LBS provider AutoNavi today annoucned its financial results for the first quarter of 2012, posting net revenues of $35.7 million, an increase of 40.3% year-over-year.
The gross profit in the first quarter of 2012 was $26.9 million, an increase of 49.6% year-over-year and the perating income was $10.0 million, an increase of 17.8%.
AutoNavi's free mobile map application had a total of 52 million users and over 29 million monthly active users as of the end of the first quarter of 2012, compared to a total of 40 million users and over 20 million monthly active users as of the end of fiscal year 2011.
“While we saw good growth across all our businesses, we're particularly pleased that our mobile and Internet location-based solutions business delivered another record-high quarter with a 166.6% year-over-year increase in net revenues," said Mr. Congwu Cheng, CEO of AutoNavi.
The gross profit in the first quarter of 2012 was $26.9 million, an increase of 49.6% year-over-year and the perating income was $10.0 million, an increase of 17.8%.
AutoNavi's free mobile map application had a total of 52 million users and over 29 million monthly active users as of the end of the first quarter of 2012, compared to a total of 40 million users and over 20 million monthly active users as of the end of fiscal year 2011.
“While we saw good growth across all our businesses, we're particularly pleased that our mobile and Internet location-based solutions business delivered another record-high quarter with a 166.6% year-over-year increase in net revenues," said Mr. Congwu Cheng, CEO of AutoNavi.
"The popularity of AMAP, AutoNavi's flagship free mobile map application, continued to grow, as we ended the quarter with a total of 52 million users, including nearly 30 million monthly active users,“ he added.
The Company maintains that its full year 2012 net revenues will be in the range of $152 million to $159 million, representing an increase of approximately 20% to 25% over fiscal year 2011.
The Company maintains that its full year 2012 net revenues will be in the range of $152 million to $159 million, representing an increase of approximately 20% to 25% over fiscal year 2011.
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