AutoNavi Holdings Ltd. (NASDAQ: AMAP) said its first quarter total net revenues were USD23.1m, compared to USD34.3m in the first quarter of 2013, and USD31.5m in the fourth quarter of 2013.
Net revenues from the company´s automotive navigation business in the first quarter of 2014 were USD14.5m, compared to USD15.5m in the first quarter of 2013, and USD18.6m in the fourth quarter of 2013. The changes were partially attributable to one of the company´s existing customers, BMW, which shifted some of its latest car models to another map data provider and a decline in blended average selling prices (ASP), as the company´s business continues to include more mid-range automobiles with lower ASPs.
AutoNavi Holdings is a provider of digital map content and navigation and location-based solutions in China. For more information on AutoNavi, visit http://www.autonavi.com.