TeleNav, one of the largest navigation and LBS providers, announces 4.9 percent revenue decline for the second quarter of fiscal 2013.
Revenues for the second quarter of fiscal 2013 were US$ 50.6 million, which compares with US$ 46.0 million in the prior sequential quarter and US$ 53.2 million in the second quarter of fiscal 2012. As previously announced in July of 2012, Telenav amended its contract with Sprint and, as a result, the quarterly revenue under the Sprint bundle declined relative to the second quarter of fiscal 2012. Quarter over quarter growth resulted from increased revenue in strategic growth areas and international.
Revenues from strategic growth areas that include automotive, enterprise LBS, mobile advertising and premium LBS, combined with international revenues were US$ 25.3 million. Revenues from strategic growth areas were US$ 18.4 million in the prior sequential quarter and US$ 11.5 million in the same quarter one year ago. Strategic growth and international revenues represented 50 percent of total revenues for the second quarter of fiscal 2013, up from 40 percent for the first quarter of fiscal 2013.
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