AutoNavi plunges on Q2 miss, guidance renege

|About: AutoNavi Holdings (AMAP)|By:, SA News Editor

Shares of AutoNavi (AMAP -12%) are plunging following a Q2 miss. Management also recanted previous guidance, which it says is "no longer a good indicator of [AutoNavi's] long-term value." The company will instead provide quarterly user metrics. (PR)

AutoNavi's free map app reached 137M users and 62M MAU in Q2, compared to 116M/56M in Q1 and 65M/36M in Q2 2012. The company's premium navigation app had been pre-loaded/downloaded on 70M phones and had 3M MAU as of Q2.

The mobile map and navigation provider faces increased competition from Baidu, which is expanding its map offerings and now holds 20% of the Chinese mapping market, compared to AutoNavi's 25%.