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What: Shares of AutoNavi (NASDAQ:AMAP) have jumped today by as much as 10% after the company reported better-than-expected earnings.
So what: Revenue in the fourth quarter came in at $43.6 million, which resulted in non-GAAP net income of $11 million, or $0.22 per share. Both figures topped analyst forecasts, which were calling for $39.4 million in sales and $0.20 per share in adjusted profit. CEO Congwu Cheng said the company has many exciting mobile mapping opportunities ahead of it.
Now what: AutoNavi expects full-year sales to be in the range of $168 million to $176 million, which would represent gains of 5% to 10% over 2012 results. The Street is expecting 2013 revenue of $174.4 million. The company announced a $50 million share repurchase plan a year ago, and said today that it had repurchased roughly $29.2 million in shares over the past year. The program has now concluded, as it was only good through Feb. 26, 2013.
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