Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
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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