TeleNav announces 8.4 percent revenue decline for the fourth quarter.
Revenue for the fourth quarter of fiscal year 2013 was US$ 47.1 million, compared with US$ 55.0 million in the third quarter of fiscal year 2013 and US$ 51.4 million in the fourth quarter of fiscal year 2012. Revenue for fiscal year 2013 was US$ 191.8 million, compared with US$ 205.5 million in fiscal year 2012. “We are pleased with the financial results in our strategic growth and international areas, which represented 59 percent of total revenue for the fourth quarter and 51 percent for the fiscal year,” said HP Jin, chairman, president and CEO of Telenav. “Our solid revenue performance in our automotive business, which accounted for 46 percent of total revenue for the quarter, aligns with our strategy to diversify our revenue base. In addition, we have begun to see growth in our mobile advertising business and we will continue to invest in our business, as we believe we can capitalize on this high growth market through our differentiated, location-enabled platform.”
Revenue from strategic growth areas that include automotive, mobile advertising and premium LBS, combined with international revenues, was US$ 27.8 million in the fourth quarter of fiscal year 2013, compared with US$ 12.8 million in the fourth quarter of fiscal year 2012. Automotive revenue was US$ 21.6 million for the fourth quarter of fiscal year 2013. Revenue stemming from strategic growth and international areas for fiscal year 2013 was US$ 96.9 million, up 120 percent from fiscal year 2012. The results from the Enterprise business that Telenav sold effective April 1, 2013 are not included in the income statements.
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