- 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%.
AutoNavi plunges on Q2 miss, guidance renege
Aug 28 2013, 10:45 ET