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What: Shares of Chinese navigation specialist AutoNavi (NASDAQ:AMAP) lost their way today, down by as much as 18% after the company reported worse-than-expected earnings.
So what: Revenue in the first quarter came in at $34.3 million, which translated into non-GAAP earnings per share of $0.17. Both figures were well below consensus forecasts, which were calling for $40.4 million in sales and $0.19 per share in adjusted profit.
Now what: Guidance for 2013 pegs revenue in the range of $168 million to $176 million, compared to the $173.4 million forecast. AutoNavi separately announced that it has formed a strategic alliance with Alibaba, where the e-commerce company will take a 28% stake after investing $294 million. That would make it AutoNavi's largest shareholder.
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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.